The Week on Wall Street
Markets notched a solid gain over a shortened trading week as investors cheered ongoing diplomatic efforts in the Middle East.
The Standard & Poor’s 500 Index rose 1.77 percent, while the Nasdaq Composite Index advanced 2.12 percent. The Dow Jones Industrial Average climbed 1.97 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, gained 1.81 percent.1,2
Q2 Ends with Fireworks
Stocks opened higher to start the week, climbing on weekend news regarding the U.S. and Iran.3
On the second day of trading, the rally narrowed with chip stocks leading the way. The Nasdaq rose more than 3.5 percent and the S&P 500 2 percent in the first two days of the week.4
But as July began, markets pivoted as investors rotated out of some AI and tech names. The Dow hit a new intraday high before pulling back a bit. The S&P 500 and Nasdaq declined, but a handful of megacap tech stocks with company-specific news rose, limiting the downside.5
On the last trading day of a shortened week, stocks initially rose after the June jobs report missed expectations, leading investors to readjust their interest rate expectations. However, as the session progressed, markets turned more mixed ahead of the holiday weekend.6
The Dow Industrials ended the week at a record high.7
Job Market Slows
The economy added 57,000 jobs last month, coming up short of the 115,000 economists expected. It was also short of the 129,000 jobs added in May.7
Weekly Riddle
I lack lungs, yet I constantly need oxygen; I have no mouth, but sufficient water will drown me. What am I?
Last Week’s Riddle: What has a foot on each side and yet another foot in its middle?
Answer: A yardstick.
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