New York Stock Market: June Employment Report Released Overnight; New Jobs See Sharp Decline

The Dow Jones Industrial Average reached a record high, while the Nasdaq fell by over 0.8 percent.

By sector, healthcare and consumer discretionary stocks both rose by over 2 percent, driving the Dow to its record-breaking performance.

The market focused on the June employment report released by the U.S. Department of Labor overnight.

Non-farm payrolls increased by only 57,000 in June, significantly missing the market expectation of 113,000, and figures for April and May were also revised downward.

However, the unemployment rate fell slightly from 4.3 percent to 4.2 percent, leading to assessments that the labor market has not deteriorated sharply.

As the growth in jobs plummeted, expectations for an early interest rate hike retreated rapidly, and short-term Treasury yields fell across the board.

Among major stocks, the AI-related semiconductor chip sector underwent a significant correction for the second consecutive trading day, and the Philadelphia Semiconductor Index dropped 5.4 percent.

Tesla recorded 480,000 vehicle deliveries in the second quarter, exceeding expectations, but shares plunged by over 7 percent as investors took profits following a recent sharp rally.

Investors are expected to pay close attention to the rotation of funds out of tech stocks following the holiday and the ripple effects of the cooling labor market.
※ Please note: This article was translated by AI and may contain errors.