Finance

Recent non-farm payroll reports for June revealed a much lower-than-expected addition of only 57,000 jobs, significantly missing the 113,000 forecast. This signs of labor market softening have prompted traders to recalibrate expectations, with many now pricing in a higher probability that the Federal Reserve will hold interest rates steady in the coming months.

Cryptocurrency markets experienced a sharp rebound leading into the holiday weekend, with Bitcoin climbing above $62,000 for the first time in weeks. The recovery was largely driven by a shift in macroeconomic sentiment following weak employment data, which encouraged investors to move back into risk-heavy assets.

Despite the broader market's strength, the technology sector has seen a distinct rotation away from semiconductor and AI hardware companies. Major players like AMD, Micron, and Intel faced significant pressure this week, leading to a nearly 4.5% drop in the semiconductor ETF as investors questioned high valuations and the sustainability of AI infrastructure costs.