Stocks rose on Friday as traders interpreted an unexpected loss in jobs in July as meaning the Federal Reserve won’t need to raise interest rates soon and can leave monetary policy on hold for now.

The S&P 500 advanced 0.4%, while the Nasdaq Composite outperformed, climbing 0.7%. The Dow Jones Industrial Average rose 70 points, or 0.1%.

Stocks are headed for a second straight week of gains. The S&P 500 has risen around 3% week to date, while the Nasdaq could post its best weekly performance since May with a rise of almost 4%, thanks to a bounce-back in chip stocks. The iShares Semiconductor ETF (SOXX) is higher by more than 5% this week.

Atlassian Corporation PLC surged 30.71%, fueled by blockbuster fiscal 2026 Q4 results that topped Wall Street expectations.

It posted adjusted EPS of $1.87, beating the $1.50 consensus and jumping 90.82% year‑over‑year from $0.98. Revenue hit $1.766 billion, surpassing the $1.66 billion estimate with roughly 28% YoY growth, led by its cloud business. Its Q1 revenue guidance of $1.705B‑$1.715B also exceeded the $1.67B consensus, while fiscal 2027 revenue growth is projected at around 13%.