July Jobs Report in Focus: Storage Giants Sink on Weak Guidance, Tesla Plans World's Largest Chip Plant | WEEX TradFi Daily Brief (Aug. 7, 2026)

1 Stock Market Highlights

1) July Nonfarm Payrolls Report Set for Release, a Key Test for Rate Expectations and Capital Flows

The U.S. Department of Labor will release the July Nonfarm Payrolls report at 8:30 AM ET on August 7, or 8:30 PM UTC+8. Markets expect 80,000 to 100,000 new jobs, up from 57,000 in June, with the unemployment rate holding at 4.2% and average hourly earnings rising 0.3% month over month.

Recent data has been mixed, with ADP employment increasing by only 44,000, while St. Louis Fed President Alberto Musalem has maintained a hawkish stance, citing persistent inflation risks. A stronger-than-expected NFP reading could reinforce expectations for tighter monetary policy, while weaker data may ease market concerns. The report is expected to have a greater impact on U.S. equities, the U.S. dollar, gold, and overall market liquidity than any single earnings release.

Watchlist: SPY, QQQ, XAU, BTC

• Spot: SPYON, QQQON, XAU, BTC
• Futures: SPY, QQQ, XAU, BTC

2) Western Digital and SanDisk Slide After Earnings, Weighing on the Storage Sector

Western Digital (WDC) and SanDisk (SNDK) both reported fiscal Q4 results that beat earnings and revenue expectations. However, their guidance for the next quarter fell short of the market’s elevated expectations.

Goldman Sachs noted that investor expectations had significantly outpaced underlying fundamentals, triggering profit-taking and a broader pullback across the storage sector.

Watchlist: WDC, SNDK

• Spot: WDCON, SNDKB
• Futures: WDC, SNDK

3) Tesla and SpaceX Break Ground on Terafab in Texas, Targeting the World’s Largest Chip Factory

Tesla (TSLA) and SpaceX officially announced the groundbreaking of the Terafab mega chip manufacturing facility in Grimes County, Texas. The project will begin with an initial investment of $16.8 billion, with further expansion expected.

The facility aims to deliver more than 1 terawatt of annual computing capacity, covering both logic and memory chip manufacturing and advanced packaging. It is expected to support Optimus, Cybercab, and future space data center infrastructure. Elon Musk described Terafab as potentially becoming the most valuable building on Earth.

Watchlist: TSLA, SPCX

• Spot: TSLAB, SPCXB
• Futures: TSLA, SPCX

4) Crude Oil Rallies as Hormuz Strait Proposal Revives Supply Concerns

Crude oil prices moved higher after reports that Iran is considering a proposal to restrict vessels from the U.S., Israel, and other hostile nations from transiting the Strait of Hormuz, reigniting concerns over potential energy supply disruptions.

The renewed geopolitical risk premium could add pressure to inflation expectations and increase volatility across global financial markets.

Watchlist: CRUDEOIL, USO

• Spot: CRUDEOIL, USOON
• Futures: BZ, CL

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