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Friday, July 03, 2026
What’s happening: The Dow Jones index jumped to a record closing high after a softer nonfarm payrolls (NFP) report eased concerns over interest rate hikes.
What happened: The Dow climbed on Thursday after four straight weeks of gains, as investors swapped AI and chipmaker stocks for blue-chip names.
Tech stocks remained under pressure ahead of the long holiday weekend for July 4.
Why it matters: Data released on Thursday by the US Labor Department’s Bureau of Labor Statistics showed that nonfarm payrolls rose merely by 57,000 in June. The figure was significantly below estimates of a gain of 110,000.
The shortfall was particularly disappointing as the latest data followed a streak of strong job growth.
The unemployment rate eased to 4.2%, versus market expectations of 4.3%.
Following the softer-than-expected NFP report, investors scaled back speculations of the US Federal Reserve hiking interest rates in September.
Other data released on Thursday showed factory orders in the US declined 1.3% in May, versus 5.3% growth in April. However, the figure was better than market estimates of a 1.8% decline.
Shares of Apple rose around 5% on Thursday, following news of the company’s plans to launch five new iPhone models. However, semiconductor stocks recorded sharp losses, with shares of Nvidia shedding 1.4%, Micron losing 5.5% and SanDisk tanking 14.1%.
Tesla’s shares fell 7.5% despite the electric vehicle maker reporting better-than-expected deliveries for the second quarter.
Healthcare and consumer staples stocks were among the top performing sectors on Thursday.
Meanwhile, maritime traffic through the key Strait of Hormuz rebounded significantly, with the UAE restoring its exports to more than 3.9 million barrels daily.
The Dow Jones index surged 594.83 points, or 1.14%, to close at 52,900.07 on Thursday, while the S&P 500 rose 0.01 points to 7,483.24. The Nasdaq 100 fell 1.61% to settle at 29,329.21.
For the week, the Dow gained around 2%, while the S&P 500 added 1.8%. The Dow recorded gains for the fourth week in a row, notching its longest winning streak since October 2024.
What to watch: Investors will keep an eye on further developments in the US-Iran negotiations.
Data on S&P Global composite PMI (1745 UAE Time), S&P Global services PMI (1745 UAE Time) and ISM services PMI (1800 UAE Time) will be released by the US on Monday. The S&P Global composite PMI is expected to climb to 52.2 in June from 51.5 in the previous month, while services PMI is projected rise to 51.3 in June from 50.7 in May. The ISM services PMI, which rose to 54.5 in May from 53.6 in the previous month, is expected to decline to 54 in June.
Context: The Australian dollar gained versus the US dollar this morning as investors digested the latest PMI data.
Details: Data released this morning showed that the S&P Global Australia services PMI business activity index rose to 50.5 in June from the preliminary reading of 49.9 and compared to the previous month’s 48.7. Although the latest reading signalled services activity returning to the expansion zone, it was only slightly above the neutral reading of 50.0.
Australia’s composite PMI also surged to 50.4 in June from the flash reading of 49.8, and up from 48.7 in May, indicating marginal growth in private-sector activity. This growth was driven by a renewed expansion in services activity, while manufacturing activity continued to decline, albeit at a slower pace.
Weakness in the US dollar also lent support to the AUD/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.1% to 100.80 this morning.
The AUD/USD forex pair rose around 0.3% to 0.6935 this morning, while the S&P/ASX 200 rose 1.2% to trade at 8,829.10.
What to watch: Investors will continue monitoring developments in the US-Iran peace talks.
Data on TD-MI inflation gauge (0500 UAE Time) and ANZ-Indeed job ads (0530 UAE Time) will be released on Monday. Australia’s Melbourne Institute monthly inflation gauge, which declined 0.3% in May, is expected to rise by 0.4% in June. Analysts expect ANZ–Indeed Australian job ads to decline 0.6% in June following a 1.8% gain in May.
Other Markets: European indices closed higher on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 1.67%, 2.16%, 1.65% and 1.41%, respectively.
Russia launched a drone and missile attack on Kyiv, which the mayor Vitaly Klitschko described as the “most massive attack” on the capital city. The news sent the USD/RUB pair lower in forex trading this morning.
Vietnam reported a trade deficit of $2.64 billion in June, compared to a year-ago surplus of $3.2 billion, which lent support to the USD/VND forex pair.
China’s RatingDog general composite PMI slipped to 53.6 in June versus a three-month high of 54.0 in the previous month. The index remaining in the expansion zone sent the USD/CNY pair lower in forex trading this morning.
Singapore’s S&P Global PMI surged to 57.4 in June from 56.7 in the previous month. This representing another notable growth in new orders exerted pressure on the USD/SGD forex pair.
Ireland’s AIB services PMI rose to 54.2 in June from 50.8 in May. This being the strongest reading since January sent the EUR/USD pair higher in forex trading this morning.
Eurozone’s S&P Global composite PMI (1200 UAE Time) and S&P Global services PMI (1200 UAE Time), Italy’s retail sales (1200 UAE Time), UK’s DMP 1Y CPI expectations (1230 UAE Time), DMP 3M output price expectations (1230 UAE Time), S&P Global composite PMI (1230 UAE Time) and S&P Global services PMI (1230 UAE Time), Germany’s new car registrations (1400 UAE Time), India’s foreign exchange reserves (1530 UAE Time), Brazil’s industrial production (1600 UAE Time), S&P Global services PMI (1700 UAE Time) and S&P Global composite PMI (1700 UAE Time) as well as Mexico’s consumer confidence (1600 UAE Time).
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