Dow jumps 1.1% to a record as weak June jobs data lifts rate-pause bets, while chipmakers drag Nasdaq down 0.8%
AI Market Summary
A sharp downside surprise in June nonfarm payrolls (57k vs 100k expected) strengthened expectations the Fed will hold rates this month (futures imply 82%), supporting broad equities and pushing the Dow to a record. However, AI-linked semiconductors sold off heavily (NVDA -1.4%, MU -5.5%, LRCX -10.2%), dragging the Nasdaq lower and keeping overall index performance mixed amid cooling oil-driven inflation pressure.
Impact level
● High
Affected assets
NCSKNVDA2USD/USDT+1.80%
AI Insight · NCSKNVDA2USD/USDTAI Insight
● Neutral
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U.S. employers added 57,000 jobs in June, well below the 100,000 forecast, reinforcing expectations that the Federal Reserve will hold rates steady. Fed funds futures now imply an 82% chance of no hike at the central bank’s meeting later this month, according to CME Group data. At the same time, a sharp slide in AI chip stocks—Micron down 5.5%, Lam Research down 10.2% and Nvidia down 1.4%—helped push the Nasdaq down 0.8% even as the Dow rose 1.1% to a record and the S&P 500 was little changed. Brent crude settled at $71.80 a barrel, down from its pre-war high.
