While I would have expected more discomfort over monthly average hourly wages coming in 0.1% higher than expected, albeit flat month-over-month, the miss on headline job creation – 187k actual vs. 200k estimated – was enough to cool hawkish sentiment in the bond market.

With inflation concerns now on the backburner, the market has been able to enjoy the upside generated by a bullish quarter from AMZN. Halfway through the session, shares are up ~10%, flirting with 52-week highs.

In the red, FTNT is down ~23% after issuing lower guidance. The bearish action has spilled over into the rest of the cybersecurity sector, including the best-in-breed PANW, which is down ~9%. One exception is NET, up ~15% on their strong quarterly results. In short, NET and recent history suggest that weakness in one player should not be extrapolated to mean weakness in another. In my opinion, today’s broad cybersecurity weakness presents an opportunity to add to exposure in cybersecurity, a secular growth story.