Dow Hits Record 52,805 as 57,000 Jobs Miss Lifts Rate-Hold Bets
Updated
Updated · CNBC · Jul 1
Dow Hits Record 52,805 as 57,000 Jobs Miss Lifts Rate-Hold Bets
3 articles · Updated · CNBC · Jul 1
Summary
The Dow rose 274 points, or 0.5%, to a record intraday high of 52,805.12, while the S&P 500 added 0.4% and the Nasdaq fell 1.2%.
June nonfarm payrolls increased by 57,000, far below the 115,000 expected, while unemployment dipped to 4.2%, pushing the 2-year Treasury yield lower and reinforcing bets the Fed will stay on hold.
Semiconductors dragged on tech for a second straight day: the VanEck Semiconductor ETF fell 5.2%, with Teradyne and KLA down 13%, Micron off 6% and Nvidia lower by 2.1%.
Investors described the move as a rotation out of a red-hot chip trade and a reassessment of AI valuations, even as the major indexes remained on track for weekly gains of more than 1.7% for the Dow, 1.8% for the S&P and 2.4% for the Nasdaq.