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Dow jumps to record closing high after soft US jobs data, Nasdaq down with chip shares | Reuters

SUMMARY
US economy adds 57,000 jobs in June, compared with 110,000 estimate
Tesla shares fall despite record Q2 deliveries
Indexes: Dow up 1.1%, S&P 500 flat; Nasdaq down 0.8%

July 2 (Reuters) - The Dow rose more than 1% to a record closing high on Thursday ahead of the long holiday weekend as a softer-than-expected U.S. ‌jobs report eased worries about interest rate hikes, while another sharp drop in chipmaker stocks weighed on the Nasdaq.

The S&P 500 ended flat on the day. The Dow recorded a fourth straight week of gains, its longest such streak since October 2024.

The U.S. market will be closed on Friday in observance of the U.S. Independence Day holiday.

The U.S. nonfarm payrolls report showed the economy added 57,000 jobs last month, far below economists' estimates for a rise of 110,000. The unemployment rate was 4.2%, in line with expectations of ⁠4.3%.

The employment report followed a run of strong job gains recently. Expectations for a rate hike from the Federal Reserve decreased after the report, according to CME FedWatch., opens new tab For the September meeting, hike expectations dimmed to 55% from 64.1%.

The jobs report "doesn't mean the fear of inflation is over," said Adam Sarhan, chief executive at 50 Park Investments in New York. "It just takes the pressure off the Fed to raise rates in the short term." Investors have been worried about inflation especially given sharp gains in oil prices at the start of the Iran war.

Apple (AAPL.O), opens new tab shares rose 4.8% and helped to support all three major indexes. Nikkei Asia reported that Apple plans to launch five new iPhone models.

On the flip side, an index of semiconductors (.SOX), opens new tab ended 5.4% lower on Thursday, falling sharply for a second day. Shares of Nvidia (NVDA.O), opens new tab fell 1.4% while SanDisk (SNDK.O), opens new tab dropped 14.1%.

For the week, the Dow rose about 2%, the S&P 500 gained 1.8% ⁠and the Nasdaq advanced 2.1%.

Tesla (TSLA.O), opens new tab shares dropped 7.5% even though the electric carmaker posted second-quarter deliveries above estimates. Tesla shares had risen sharply this week ahead of the report.

Among other decliners in stocks, Bending Spoons (BSP.O), opens new tab dropped 11.3%, a day after the Vimeo owner gained 40% in its debut on the Nasdaq.

Advancing issues outnumbered decliners by ⁠a 1.42-to-1 ratio on the NYSE. There were 318 new highs and 111 new lows on the NYSE.
On the Nasdaq, 2,419 stocks rose and 2,548 fell as declining issues outnumbered advancers by a 1.05-to-1 ratio.

The S&P 500 posted no new 52-week highs and no new ⁠lows while the Nasdaq Composite recorded no new highs and no new lows.

Volume on U.S. exchanges was 19.92 billion shares, compared with the 23.34 billion average for the full session over the last 20 trading days.

https://www.reuters.com/business/wall-st-futures-muted-investors-await-payrolls-data-2026-07-02/

Dow jumps to record closing high after soft US jobs data, Nasdaq down with chip shares
https://www.straitstimes.com/business/companies-markets/dow-jumps-to-record-closing-high-after-soft-us-jobs-data-nasdaq-down-with-chip-shares

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