Finance

Major semiconductor companies including Micron and Applied Materials saw double-digit percentage declines on July 2, dragging down the tech-heavy Nasdaq. This selloff represents a sharp rotation as investors lock in profits following an extraordinary 80% surge in the sector during the first half of 2026.

The Dow Jones Industrial Average reached a record intraday high before cooling, while the S&P 500 and Nasdaq struggled under tech pressure. In a shift toward defensive positioning, investors moved capital into financials, healthcare, and materials, which outperformed the broader market.

Cryptocurrency prices moved higher following the weaker-than-expected jobs report, with Bitcoin trading above $61,000. Analysts noted that the softer labor market data boosted sentiment for digital assets as it suggested a potentially less hawkish path for federal monetary policy.