Stock market today: Dow, S&P 500, Nasdaq climb after better-than-expected jobs report
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Diverging Reports Breakdown
Stock market today: S&P 500, Nasdaq climb, set for fresh records after jobs report beat
The S&P 500 and Nasdaq Composite closed at fresh record highs on Thursday. The Dow Jones Industrial Average gained over 0.8%, with its own record close suddenly back in sight. The jobs report showed an increase of 147,000 jobs added in June, versus expectations of 106,000. Meanwhile, the unemployment rate unexpectedly ticked down to 4.1%, and the May payrolls print was revised higher. US stock trading ends early on Thursday at 1 p.m. ET for the Independence Day holiday.
The S&P 500 (^GSPC) moved up about 0.8%, while the Nasdaq Composite (^IXIC) rose around 1%, after both indices closed at fresh record highs on Wednesday. The Dow Jones Industrial Average (^DJI) gained over 0.8%, with its own record close suddenly back in sight.
The jobs report showed an increase of 147,000 jobs added in June, versus expectations of 106,000. Meanwhile, the unemployment rate unexpectedly ticked down to 4.1%, and the May payrolls print was revised higher.
Recent signs of a softening in the labor market had given investors a new wave of confidence that a rate cut could come soon. But traders pared bets on rate cuts after the payrolls data, all but taking a July cut off the table.
Trump’s ongoing feud with its chair, Jerome Powell — particularly reports he may announce a successor early — has further buoyed hopes for a reduction in rates. The president said Powell “should resign immediately” in a social media post late Wednesday, ramping up an already intense White House pressure campaign.
Investors are also on alert for fresh developments on the trade front, as countries race to beat the July 9 deadline for the resumption of sweeping tariffs. Trump’s trade deal with Vietnam has boosted market sentiment and hopes for more agreements to fend off economic damage from tariffs.
Read more: The latest on Trump’s tariffs
The US has lifted curbs on exports of chip design software to China, a sign of thawing in trade tensions between the world’s top two economies. Shares of leading US providers of the software, Synopsys (SNPS) and Cadence Design Systems (CDNS), jumped in premarket trading.
Meanwhile, the president’s massive tax and spending bill is nearing a final vote after it cleared a key House procedural vote on Thursday. House Speaker Mike Johnson said he has the backing to get the legislation passed by Friday, July 4, Trump’s deadline, as Republican leaders win over opponents.
US stock trading ends early on Thursday at 1 p.m. ET for the Independence Day holiday. Markets are closed on Friday.
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