US Stocks Hit Records After Soft June Jobs Report, but Chip Shares Slip

US equities pushed to record highs at the start of July after a softer-than-expected June employment report rekindled expectations that the Federal Reserve could still cut interest rates later in the year. The Dow Jones Industrial Average closed at an all-time high of about 52,900, gaining more than 590 points in a single session, while the broad S&P 500 index finished little changed near record territory around 7,483. The Nasdaq Composite lagged, however, slipping about 0.8% as semiconductor stocks fell for a second consecutive day, dragging on the technology-heavy benchmark. The mixed performance underscored a market that is broadly optimistic but increasingly selective, with investors rotating between sectors as they reassess the outlook for AI-linked chipmakers after a powerful rally. US markets were then closed for the Independence Day holiday. The moves highlight how sensitive equities have become to labor-market data and shifting expectations for monetary policy, with attention now turning to the Federal Reserve's meeting minutes, fresh inflation figures and the upcoming corporate earnings season for direction.