wall street today: Tech stocks lift Nasdaq, S&P 500 as rate-cut expectations tick up – The Economic Times
U.S. stocks rose on Friday, driven by a rally in big tech and a decline in Treasury yields following key labor market data. The Nasdaq Composite gained 0.9%, setting a record for the fourth consecutive session. The S&P 500 increased by 0.5%, marking its third record of the week, while the Dow Jones Industrial Average climbed 0.2%. The week saw significant gains for the Nasdaq and S&P 500, rising 3.5% and 1.9%, respectively.
June’s labor market report showed the U.S. added 206,000 jobs, aligning with predictions, but the unemployment rate edged up to 4.1%. Annual wage growth slowed to 3.9%. Treasury yields fell as the Federal Reserve sought evidence of sustainable inflation control without triggering a recession. Cryptocurrencies dropped due to payouts from the defunct exchange Mt. Gox.
Tech stocks like Intel, Apple, and Microsoft saw significant gains, while financials lagged. Meta and Alphabet also performed well. Advanced Micro Devices surged 4.9%, while Tesla erased its year-to-date losses. In contrast, AI stocks such as Nvidia and First Solar stumbled. The dollar and oil were slightly down, whereas gold, silver, and copper futures advanced.
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