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Informist, Friday, Jul. 3, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Dow hits record high; soft US jobs data allays rate hike fears

MUMBAI--0702 IST--While the benchmark Dow Jones Industrial Average hit another record high on Thursday, the tech-heavy Nasdaq closed lower as stocks of chipmakers saw a sharp drop, ahead of the long holiday weekend. The softer-than-expected US jobs data allayed worries about a hike in interest rate by the US Federal Reserve. The US market will be closed on Friday in observance of the US Independence Day.

 

The US non-farm payrolls report by the Bureau of Labor Statistics showed the economy added 57,000 jobs in June. This was far below a rise of 110,000 jobs expected by economists polled by Reuters. The unemployment rate was 4.2%, in line with expectations of 4.3%. Thus, the expectations of a rate hike by the US Fed eased; according to CME FedWatch, they fell to 55% from 64.1% for the September meeting.

 

"As we are learning how the Fed reaction function will form under [Fed Chairman Kevin] Warsh, this print takes some of the pressure off of the inflation fighting institution to hike near term," Bradford Smith, portfolio manager at Janus Henderson Investor, told CNBC. "With oil price inflation moderating, some softness on the jobs front likely keeps the Fed on hold at least for the next meeting."

 

Among stocks, Tesla's shares dropped 7.5% even though the electric carmaker reported better-than-expected second-quarter deliveries, Reuters reported. Tesla's shares had risen sharply this week ahead of the data. Bending Spoons dropped 11.3%, a day after the Vimeo owner gained 40% in its listing on the Nasdaq. The index measuring semiconductor stocks, Philadelphia SE Semiconductor Index, ended 5.4% lower, falling sharply for a second day. Shares of Nvidia fell 1.4% while SanDisk dropped 14.1%. 

 

Following were the closing levels of major US indices on Thursday:

 

US indices	Levels	Change in %
Dow Jones Industrial Average	52900.00	1.14
NASDAQ Composite	25832.67	(-)0.80
S&P 500	7483.24	0.01

 

(Gopika Balasubramanium)

 

US$1 = INR 95.39

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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