Dow hits another record close as Nasdaq falls on chip weakness
Softer U.S. payroll growth and stronger Asian PMI data buoyed global equities, while Wall Street split on semiconductor losses and South Korea’s KOSPI, with Japan’s Nikkei 225, rebounded sharply in Asia.
The Dow Jones Industrial Average rose 1.1% to a record 52,900.07 on July 3, while the S&P 500 was little changed at 7,483.24 and the Nasdaq composite fell 0.8% to 25,382.67 as chipmakers and other AI-linked stocks stayed under pressure. A weaker-than-expected U.S. labor report showing 57,000 jobs added last month, versus 100,000 expected, eased near-term concerns about an imminent Federal Reserve rate hike. By Friday, global risk sentiment improved further as PMI data from China, Japan, Australia and Singapore pointed to expansion, helping lift Asian and European markets; South Korea’s KOSPI closed up 440.24 points, or 5.76%, at 8,088.33, while Japan’s Nikkei 225 rose 1,010.92 points, or 1.47%, to 69,744.07.
- nonfarm payrolls: U.S. monthly jobs data excluding farm work
- Purchasing Managers' Index (PMI): Survey-based measure of business activity
- Philadelphia Semiconductor Index: Stock index tracking major semiconductor companies