Dow Hits Record on Weak Jobs Data Easing Rate Hike Fears; Chips Drag Nasdaq Lower

The Dow Jones Industrial Average surged 1.14% to a record closing high of 52,900.07 on Thursday after a softer-than-expected June jobs report calmed fears of a near-term Fed rate hike. Nonfarm payrolls added just 57,000 jobs versus the 115,000 forecast, while the unemployment rate dipped to 4.2%. The S&P 500 was flat and the Nasdaq fell 0.80% as a sharp selloff in semiconductor stocks deepened, with the Philadelphia Semiconductor Index down 5.4%, reflecting ongoing rotation out of high-valuation tech into value sectors.

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Dow closes at record high as weak jobs data ease rate hike fears The Dow jumped 594.83 points to 52,900.07 after the June payrolls report came in at 57,000 jobs, far below the 110,000-115,000 consensus, while prior months were revised down by a combined 74,000. Rate hike odds for the September meeting fell to 55% from 64% as the softer data reduced pressure on the Fed. The S&P 500 ended flat at 7,483.24, while the Nasdaq Composite fell 0.80% to 25,832.67 led by a 5.4% plunge in the Philadelphia Semiconductor Index. 1 2 3 4 5 6 7

Tesla delivers 480,126 vehicles in Q2, beating consensus by 74,000 Tesla reported second-quarter deliveries of 480,126 vehicles, well above Wall Street's consensus of 406,600, driven by a rebound in Europe. Despite the massive beat, TSLA shares fell 7-8% on Thursday as profit-taking set in after a 12% rally earlier in the week and Michael Burry disclosed a new short position. The company's Q2 financial results are due July 22. 5 8 9

Eli Lilly rises 3% on Medicare program, FDA pilot and EU approval Eli Lilly shares gained 3.06% after launching its Medicare GLP-1 Bridge program, expanding access to weight-loss drugs Zepbound and Foundayo. Additionally, the FDA selected Lilly's Indiana facility for a pilot to accelerate manufacturing approvals, and European regulators recommended approval of Jaypirca for chronic lymphocytic leukemia. 10

Nike stock extends rally as turnaround hopes outweigh mixed earnings Nike shares rose another 1.74% to $43.81 on Thursday, extending a two-day recovery from an initial post-earnings selloff. The Q4 results showed revenue of $10.97 billion and EPS of $0.72, boosted by a one-time tariff recovery, while underlying adjusted EPS of $0.20 marked the first growth in two years. CEO Elliott Hill acknowledged the company still has work to do, but investors focused on signs of gradual improvement. 11

Securitize tokenizes $295 million of its stock on Solana and Avalanche on NYSE debut Securitize, the BlackRock-backed tokenization specialist, began trading on the NYSE under ticker SECZ and simultaneously launched tokenized versions of its shares on Solana and Avalanche. Investors held approximately $295 million in tokenized shares, marking the largest issuer-sponsored tokenized stock launch. The company's stock rose 10% on its first day. 12

U.S. stock markets to close Friday for Independence Day observance Because Independence Day falls on Saturday July 4, the federal holiday is observed on Friday July 3. The NYSE, Nasdaq, and bond markets will be closed, along with most banks and the U.S. Postal Service. Regular trading resumes Monday July 6. 13