Finance

In the final session before the holiday weekend, the Dow Jones Industrial Average rose 1.1% to a new record high of 52,900.07, outperforming other major indexes. This surge came as investors rotated capital out of high-growth technology and semiconductor stocks, which saw significant declines due to revaluations of artificial intelligence valuations and excess compute capacity concerns at major firms like Meta.

Recent economic reports indicate a significant slowdown in hiring, with the US economy adding only 57,000 jobs in June, well below the 115,000 forecasted by economists. This cooling in the labor market has led traders to reduce their expectations for imminent interest rate hikes by the Federal Reserve, providing a boost to traditional equity sectors while softening the US dollar.

Bitcoin and Ethereum prices rose on July 3, with Bitcoin testing the $62,000 resistance level as investors reacted to weaker-than-expected US employment data. After experiencing its worst performance in four years during June, the digital asset market is showing signs of a 'green' July recovery, though many indicators suggest investor sentiment remains in 'extreme fear' territory.