US stocks hit record highs after strong June jobs report, led by technology sector.

From Yahoo Finance: 2024-07-06 00:17:53

US stocks closed at record highs, fueled by the strong performance of the technology sector. The June jobs report indicated 206,000 jobs were added to the economy, slightly above estimates. Fundstrat’s Tom Lee noted the labor market is slowing based on the June jobs report. The gains were led by the technology sector, with the Nasdaq 100 up nearly 1% and the S&P 500 rising about a half-percent. The US economy added 206,000 jobs in June, slightly surpassing economist estimates but falling short of the revised May report. Bond yields dropped with the unemployment rate increasing to 4.1%, leading to renewed hopes for Federal Reserve interest rate cuts. Market experts believe a September rate cut is likely, with the possibility of two cuts gaining momentum. Additionally, Nvidia stock received a rare downgrade Friday due to valuation concerns. In commodities, West Texas Intermediate crude oil dropped to $83.14 a barrel, Brent crude fell to $86.65 a barrel, gold rose to $2,398.30 per ounce, and the 10-year Treasury yield decreased to 4.28%. Bitcoin also dropped to $56,449.



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