Finance

While blue-chip stocks rallied, the Nasdaq composite fell 0.8% due to a sharp selloff in the semiconductor and artificial intelligence sectors. Major chipmakers such as Intel, Micron, and SanDisk saw substantial declines, with SanDisk dropping more than 14%. Analysts attribute this trend to a rotation trade where investors are shifting capital from high-valuation tech giants into consumer staples and healthcare.

Cryptocurrency markets reacted positively to the sluggish U.S. hiring data, with Bitcoin breaking above the $61,000 threshold. Ethereum and Solana also saw gains of approximately 5% and 4.6%, respectively, as of the evening of July 2. The rise in digital assets was further supported by reports of long-term holders returning to a phase of net accumulation.

The U.S. dollar fell roughly 0.5% against a basket of major currencies after the release of the June employment figures. Simultaneously, two-year Treasury yields slipped as the probability of a July interest rate hike dropped from 30% to 20%. Market participants are now closely watching upcoming inflation data for further clues on the Federal Reserve's next policy move.