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SpaceX Among Tech Stocks Surging After Weak Jobs Report

Forbes Published Aug 7, 2026 Reviewed Aug 7, 2026 ✓ Reviewed by citations.press editors

SpaceX shares jumped 12% before 11:45 a.m. EDT.

12 % · SpaceX shares

Palantir shares rose 8.9% to about $169 per share and had risen 35% in the last five days of trading.

8.9 % · Palantir shares35 % · Palantir shares

Cloudflare shares surged 8% to about $307 per share.

8 % · Cloudflare shares

Cloudflare revenue expectations were $696.1 million.

696.1 $ · Cloudflare revenue expectations

Nonfarm payrolls fell 23,000 in July.

23000 · nonfarm payrolls

Labor force participation rate fell to 61.4%, its lowest in over five years.

61.4 % · labor force participation rate

Microchip Technology shares surged 12.9% to a two-week high.

12.9 % · Microchip Technology shares

Reddit shares rose 8.1% before noon.

8.1 % · Reddit shares

Uber shares spiked 6% to just under $75 per share.

6 % · Uber shares

Unemployment rate fell to 4.1% from 4.2% in June.

4.1 % · unemployment rate

Average hourly earnings increased by two cents, bringing the 12-month average to 3.2%.

2 cents · average hourly earnings3.2 % · average hourly earnings

Government education jobs declined by 50,000.

50000 · government education jobs

Healthcare jobs increased by 22,000, below the 12-month average of 36,000.

22000 · healthcare jobs36000 · healthcare jobs 12-month average

Tech stocks have risen nearly 24% since January, outpacing the S&P 500's 13.3% gains.

about 24 % · tech stocks13.3 % · S&P 500

Micron shares have risen 205% year-to-date.

205 % · Micron shares

Intel shares have risen 175% year-to-date.

175 % · Intel shares

Nvidia shares have risen 20% year-to-date.

20 % · Nvidia shares

Apple shares have risen 14.8% year-to-date.

14.8 % · Apple shares

Tesla shares have fallen 26% year-to-date.

26 % · Tesla shares

Major tech stocks rallied Friday amid a weak jobs report that revealed an unexpected drop in payrolls for July, with SpaceX, Palantir and Cloudflare shares all rising at least 8% in the early hours of trading.

SpaceX shares jumped 12% shortly before 11:45 a.m. EDT, rallying from an all-time low recorded Wednesday.

Palantir rose 8.9% to around $169 per share and capped off a strong week of gains, with the stock rising 35% in the last five days of trading.

Cloudflare’s stock surged 8% to around the $307 mark, rising a day after the company soared beyond revenue expectations ($696.1 million).

Friday’s jobs report revealed nonfarm payrolls fell 23,000, well below Dow Jones expectations of a gain of 83,000.

The labor force participation rate, which is the percentage of working-age Americans who are either working or actively looking for work, ticked down to 61.4%—its lowest mark in over five years.

Microchip Technology, an American semiconductor company, surged 12.9% to a two-week high. Reddit shares joined in on Friday’s rally, rising 8.1% before noon, though the forum platform’s stock remains down 30% since January. Uber spiked 6% to just under $75 per share. The ride-hailing company is down 9.3% year-to-date.

The unemployment rate fell to 4.1% from 4.2% in June. Average hourly earnings edged up two cents, dropping the 12-month average to 3.2%—a five year low. Government education and retail jobs spearheaded the drop in jobs, with the former sector declining by 50,000. Healthcare jobs increased by 22,000, well below its 12-month average of 36,000.

Tech stocks have outpaced the 13.3% gains made by the S&P 500 this year, with the sector rising nearly 24% since January. That surge has been led by juggernauts like Micron (+205% YTD), Intel (+175% YTD), Nvidia (+20% YTD) and Apple (+14.8% YTD). However, the rally has not extended to major companies including Tesla and Meta, which are down 26% and 9%, respectively, since the start of the year. Several tech stocks have been boosted by the artificial intelligence boom, which has allowed companies to cash in on infrastructure and cloud computing demand.

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