The Dow ended higher, logging its fourth consecutive weekly gain, the longest such streak since October 2024. The U.S. market will be closed on Friday in observance of the U.S. Independence Day holiday.
An index of semiconductors was down sharply for a second day and technology was among the biggest sector decliners in the S&P 500.
Investors are probably taking profits in chip stocks following this year’s strong gains, said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. “You can really point the finger at the consolidation in the chips,” he said.
Tesla shares fell sharply as well even though the electric carmaker posted second-quarter deliveries above estimates. Tesla shares had risen sharply this week ahead of the report.
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%.According to preliminary data, the S&P 500 lost 1.53 points, or 0.06%, to end at 7,478.66 points, while the Nasdaq Composite lost 226.28 points, or 0.87%, to 25,813.75. The Dow Jones Industrial Average rose 560.00 points, or 1.10%, to 52,865.24.The employment report followed a run of strong job gains recently. Expectations for a rate hike from the Fed decreased after the report, according to CME FedWatch. 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 tied to the Middle East war. On Thursday, oil prices fell after mediator Qatar said Iran and the U.S. made progress in talks over ending the war.
Among other decliners in stocks, Bending Spoons dropped, a day after the Vimeo owner gained 40% in its debut on the Nasdaq.
-1024x683.jpg "Should the 17th Amendment Be Repealed?")
-1024x683.jpg "Strait Outta Hormuz: Getting the Iran Oil Story Straight")
