The Dow Jones Industrial Average jumped 1.1% to a record close of 52,900.07 on Thursday, while the Nasdaq Composite slid 0.8% as investors rotated out of overvalued AI chip stocks. The S&P 500 was nearly flat, edging up just 0.01 point to 7,483.24. Nonfarm payrolls rose by only 57,000 in June, well below the 117,000 consensus estimate, and the unemployment rate dipped to 4.2% as labor force participation fell to 61.5%, its lowest since March 2021. AI semiconductor shares extended their sell-off, with Micron Technology, Advanced Micro Devices, and Intel falling 5.5%, 4.3%, and 5.3%, respectively. For the holiday-shortened week, the Dow gained 2%, the S&P 500 added 1.8%, and the Nasdaq advanced 2.1%.
Intel CorporationIntel fell 5.3% as AI semiconductor shares continued to decline.
Micron Technology IncMicron fell 5.5% as AI chip stocks sold off further.
Advanced Micro Devices IncAI chip stocks extended sell-off amid rotation out of overvalued AI semiconductor shares.