Market Highlights

A sharp slowdown in the US jobs market spurred gains in most stocks on Wall Street amid speculation the Federal Reserve won’t be forced to raise interest rates any time soon. The Dow Jones Industrial Average climbed 1.1%, hitting all-time highs. While the vast majority of shares in the S&P 500 rose, the gauge closed little changed amid a rout in chipmakers. Short-dated Treasury yields dropped. Swap traders continued to fully price in a quarter-point Fed hike this year, but not before December, compared with October previously. The dollar slid. Stocks rebounded after two days of tech-led losses in the US that were fueled by concerns that the artificial intelligence-driven rally had run ahead of itself. The dollar weakened and gold rose as traders trimmed bets on Federal Reserve interest rate hikes.

Signs of economic strength alongside easing price pressures lifted most stocks in the US, with Federal Reserve Chair Kevin Warsh saying inflation risks have come down. Economically sensitive corners of Wall Street outperformed after data showed manufacturing activity expanded for a sixth straight month as a war-driven surge in input costs cooled. While the majority of firmsin the S&P 500 rose, a slide in chipmakers weighed on the index. Treasury two-year yields edged lower. Oil sank as the US said indirect talks with Iran were positive. Equities fell as a selloff in chip stocks spread to South Korea, reviving concerns the blistering rally in artificial intelligence shares this year may have gone too far, too fast. Brent slipped to the lowest since before the start of the Middle East war.

The best quarter in six years for stocks ended on a positive note, with chipmakers extending their surge from war-driven lows and signs of economic resilience fueling optimism about corporate earnings. A rally that’s added more than $8 trillion to the S&P 500’s value in three months powered ahead as data showed strength in both jobs and consumer sentiment. In a tech-led advance, the Nasdaq 100 climbed 1.7% while a gauge of semiconductor firmsnotched the best quarter ever. Treasuries fell. Oil declined on hopes for a permanent deal to end the Iran war. Equities started July on a cautious note as investors awaited comments from Federal Reserve Chair Kevin Warsh at a time when traders are ramping up bets on US interest rate hikes. The dollar rose.

Wall Street traders kept driving a rotation out of high-profile chipmakers and into a broader category of companies tuned to improving growth prospects, with stocks wavering at the end of a volatile week. While the S&P 500 closed little changed, most of its shares rose as signs of economic resilience fueled bets that Corporate America will keep powering ahead. The benchmark’s equal-weighted version — which strips out market-value biases — reached record highs. A drop in oil prices also helped sentiment. Another burst of selling hit semiconductor firmsafter a surge that put the group on pace for its best-ever quarter. US equity-index futures advanced following reports that the US and Iran had backed away from a fresh escalation of their conflict, easing concerns over the fragile ceasefire underpinning peace talks.

A renewed wave of tech volatility gripped Wall Street, with a selloff in megacaps tempering optimism in other corners of the stock market that were buoyed by signs the economy is in good shape. All Magnificent Seven firmsfell, with Apple Inc. leading the way after boosting prices of Macs and iPads. The drop in the S&P 500’s most-influential group sent the index wavering. That’s even as a blowout outlook from Micron Technology Inc. boosted chipmakers. In a sign of rotation, the equity benchmark’s equal-weighted version — which strips out market-value biases — climbed Technology stocks dragged global indexes lower at the end of a volatile week as renewed selling in the world’s biggest memory chip makers and a possible delay to OpenAI’s public debut hit sentiment

Stocks climbed in late hours on speculation that Micron Technology Inc.’s strong outlook will help reignite confidence in the artificial-intelligence trade that has powered the market rally from war-driven lows. A nearly $500 billion exchange-traded fund tracking the Nasdaq 100 rose 1.5% after the close of regular trading. Micron, the largest US maker of computer memory chips, jumped 13% on a sales forecast that topped estimates after AI-fueled shortages of the components sent prices soaring. Global stocks rebounded from a two-day slide as Micron Technology Inc.’s blowout sales forecast reignited enthusiasm for the artificial-intelligence trade and Brent oil erased all of its wartime gains.

Wall Street got a reality check as a bruising selloff in several technology giants fueled concern the artificial-intelligence frenzy that has powered the equity bull market might be overblown. The tech rout engulfed global stocks as worries about frothy valuations ignited a fresh bout of volatility after a nearly three-month surge in riskier assets. The Nasdaq 100 sank 3.3%. A closely watched gauge of chipmakers — which had doubled from war-driven lows — slid about 8%. Losses were more pronounced in Asia, with South Korea’s Kospi plunging 10% from a record. SpaceX bounced after briefly falling below its debut’s open price Global stocks found a measure of stability after Tuesday’s tech-led rout, with investors turning their attention to highly anticipated earnings from memory chipmaker Micron Technology Inc.

Global stocks are ending a strong week on a cautious note as relief over an interim peace deal between the US and Iran gave way to a focus on the challenges of securing a lasting agreement. With US cash markets closed for the Juneteenth holiday, S&P 500 futures declined after the benchmark posted its best week since the end of May. Europe’s Stoxx 600 dipped 0.2%, while Asian stocks retreated 0.3% from an all-time high. Markets in China, Hong Kong and Taiwan were shut as well. Stocks in the US and Europe struggled for direction, findinglittle support from lower oil prices following signs of diplomatic headway between the US and Iran.

Wall Street staged a comeback that saw stocks joining bonds higher after a peace deal between the US and Iran spurred optimism that a revival of the Strait of Hormuz will ease inflation risks. The S&P 500 rose 1.1%. Trading volume on American exchanges spiked to a record amid an estimated $7.5 trillion options expiry. A gauge of chipmakers rallied 6.4%. Treasury yields fell after a jump driven by worries the Federal Reserve would need to raise rates. US oil edged lower. Global stocks are ending a strong week on a cautious note as relief over an interim peace deal between the US and Iran gives way to concerns that significant hurdles remain to secure a lasting agreement.

Wall Street traders sent stocks lower as short-dated bond yields climbed after the Federal Reserve signaled the possibility of higher rates as it assesses the impacts of the Iran war on inflation. Following the decision and new Chairman Kevin Warsh’s repeated assurances that “price stability” would be the Fed’s guiding principle, money markets fully priced in a rate hike by October. The S&P 500 fell 1.2%. The yield on two-year Treasuries climbed 16 basis points to 4.21%. The dollar advanced. US equity futures jumped and oil prices retreated as President Donald Trump signed an interim deal to end the war with Iran and reopen the Strait of Hormuz, boosting risk sentiment after the Federal Reserve’s hawkish hold.