US markets were mixed on Thursday as weakness in semiconductors weighed on the Nasdaq, while the dollar dropped after a soft employment report eased rate-hike expectations. The US economy added 57,000 jobs in June, with unemployment dipping to 4.2% as the workforce declined.
Market Moves
All three major US stock indexes posted weekly gains, with Europe’s STOXX index reaching a record closing high. Healthcare was the strongest gainer among S&P sectors, while tech, weighed down by chips, was the biggest laggard.
The dollar dropped after the soft jobs report, while the yen surged. US Treasury yields retreated after soft payrolls data dampened rate-hike expectations. Front-month WTI and Brent crude settled up 0.2% and 0.3%, respectively, with gold gaining more than 2%.
Global Developments
Iran is preparing to bury its slain Supreme Leader, Ayatollah Ali Khamenei, with a week of mass mourning. Hedge funds saw gains in June on short bets, but lost on oil as prices returned to pre-Iran war levels.
PJM, the largest power grid in the US, is bracing for record-setting energy consumption spurred by a sweltering heat wave and the boom in energy-hungry data centers.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
