The Dow Jones Industrial Average surged to an intraday and closing record on Thursday, its 20th such finish this year, even as a tepid June jobs report pointed to only modest hiring. The S&P 500 and Nasdaq Composite were weighed down by volatility in semiconductor and memory stocks and a mixed performance from the Magnificent Seven. David Kelly, chief global strategist at J.P. Morgan Asset Management, described the economy as a slow-hire, slow-fire, slow-growth tortoise, adding that the Federal Reserve is unlikely to hike rates this year given weak wages and Teflon inflation. Brad Conger, chief investment officer at Hirtle & Co., noted the wealth effect is not working for everyone, leading his team to favor longer-duration 10-year Treasurys and overweight consumer staples, healthcare, and luxury goods while underweighting the Magnificent Seven and semiconductors. Jason Pride of Glenmede said the Fed could still cut rates in November or December, with the labor market likely to become a bigger concern than inflation in the coming months.
Compass Inc
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Ross Stores Inc
Walmart Inc.