Finance

The Dow Jones Industrial Average closed at a record high of 52,900.07 in the final session before the holiday weekend, marking its fourth consecutive weekly gain. This surge was fueled by a weaker-than-expected June jobs report, which showed only 57,000 additions compared to the 110,000 forecasted. Investors interpreted the slowing employment growth as a signal that the Federal Reserve may refrain from aggressive interest rate hikes in the near term.

In contrast to the record-setting Dow, the Nasdaq Composite retreated by 0.8% due to a significant downturn in the semiconductor sector. The Philadelphia Semiconductor Index plunged 5.4% as investors engaged in profit-taking following a massive first-half rally in AI-related stocks. Companies like Intel and Meta faced downward pressure, with Meta specifically citing slower-than-expected progress in its AI agent development.

The cryptocurrency market remains active over the holiday period, with Bitcoin hovering just above the $61,000 mark after a period of volatility. Recent easing of inflation signals and steady ETF inflows have provided support for major digital assets, including Ethereum and Solana. Analysts are closely monitoring whether Bitcoin can sustain its position above the critical $60,000 technical support level as the market matures and aligns more closely with global financial trends.