On August 7, the U.S. unexpectedly lost 23,000 jobs in July, far below the expected gain of 80,000. June's increase was also revised down to just 20,000. Despite the weak jobs market, the unemployment rate unexpectedly fell to 4.1% from 4.2%. Nick Timiraos, the "Fed whisperer," commented that the U.S. unemployment rate fell to 4.09% in July as both the number of job seekers and those counted as unemployed declined; that brought the jobless rate to its lowest level in two years. In February it was 4.44%, and in November last year it was 4.54%. As a result, market expectations for rate hikes quickly retreated. Analysts noted that the disappointing report has renewed concerns about the labor market and could complicate the Fed's interest-rate decisions, as policymakers need to strike a balance between weak employment and persistent inflation. In response, U.S. stock index futures rallied, with Nasdaq futures up 0.79% on the day, S&P 500 futures up 0.39%, and Dow futures up 0.27%. U.S. Treasury prices surged, with the 10-year Treasury yield falling 4.29 basis points to 4.627%. Non-U.S. currencies generally strengthened, with the dollar falling 80 pips against the yen to 157.72. Meanwhile, the U.S. dollar index DXY dropped nearly 30 points in the short term to 99.67. Spot gold briefly rose about $40 to $4,351.43 per ounce.