Dow Hits Record 52,900 on Weak Jobs Data; Nasdaq Slips as Chip Rout Deepens

Dow Hits Record 52,900 as June Jobs Miss Crushes Rate-Hike Bets The Dow Jones Industrial Average surged 594 points to a record close of 52,900 on Thursday after the June nonfarm payrolls report showed the US economy added just 57,000 jobs, well below the 110,000 consensus. The weak data reinforced expectations that the Federal Reserve will keep rates steady, driving a rotation out of tech and into cyclical and defensive stocks. 1234

Chip Rout Deepens: Nasdaq Falls 0.8% as Nvidia, AMD Slide The Nasdaq Composite fell 207 points, or 0.8%, to 25,832 on Thursday as semiconductor stocks extended their selloff. Nvidia slid 1.4%, AMD and Broadcom also dropped, and the Philadelphia Semiconductor Index tumbled 5.4%, highlighting persistent valuation concerns in the AI trade despite the broader market's record highs. 14

Netflix Surges 4.6% on M&A Speculation, Outperforms Tech Peers Netflix shares jumped 4.66% to $77.65 on Thursday, with volume 134% above average, as speculation about media consolidation intensified following Comcast's plan to spin off NBCUniversal. The rally outpaced the Nasdaq-100 by 6.4 percentage points, though the stock remains 40% below its 52-week high. 5

Coca-Cola Hits Record Close at $84.14 on Staples ETF Weight Boost Coca-Cola shares closed at an all-time high of $84.14, gaining 3.5% on Thursday, driven by its increased weight in the Consumer Staples Select Sector SPDR ETF (XLP). The stock's index weight of 6.96% gave it outsized influence on the ETF's 2.04% gain, as investors rotated into defensive sectors. 6

Eli Lilly Nears Record as Healthcare Rally Broadens Beyond GLP-1 Eli Lilly closed near its 52-week high at $1,213.91, up 1.86%, but the broader healthcare sector outperformed as the Health Care Select Sector SPDR Fund (XLV) rose 2.65%. Johnson & Johnson and AbbVie contributed more to the ETF's gain than Lilly, signaling a broad-based rally. 7

US Stock Funds See Biggest Outflows Since March as Rotation Accelerates US stock funds recorded their largest weekly outflows since March, with investors pulling money from tech-heavy funds and rotating into Asia equities, which saw their biggest inflows in seven weeks. The shift reflects growing concerns about AI/megacap valuation risk and a preference for less crowded markets. 8

Ford Q2 US Sales Drop 10.3% as Aluminum Supply Constraints Hit F-Series Ford reported Q2 US sales of 549,200 vehicles, down 10.3% year-over-year, as supply constraints from fires at an aluminum supplier limited F-Series pickup production. However, Bronco sales hit a record quarter, and Ford remains the top-selling pickup brand for a 50th consecutive year. 9

AeroVironment Surges on Record Q4 Results and $500M Army Deal AeroVironment shares jumped after the defense contractor reported record Q4 earnings and announced a $500 million contract with the US Army. The stock's surge highlights strong demand for unmanned systems and defense technology. 10

Micron Tokenized Stock Hits $13B Monthly Volume as Crypto Equities Boom Trading volume for tokenized Micron Technology perpetuals surged to $13.16 billion in May, a 17x increase from April, as the broader tokenized equity market exploded 40x year-over-year to $34 billion. Binance, MEXC, and Hyperliquid led the activity, with Micron, Nvidia, and Circle as the top-traded tokens. 11

Wall Street Reopens Monday with Fed Minutes, ISM Data in Focus US markets resume full trading Monday after the July 4 holiday, with investors digesting the weak June jobs report and looking ahead to ISM Services PMI data and FOMC meeting minutes. The Dow closed at a record 52,900 on Thursday, while the S&P 500 and Nasdaq ended mixed. 13