Summary · why it matters
U.S. stock indexes settled mixed on Thursday, with the S&P 500 closing unchanged, the Dow Jones Industrial Average rising 1.14% to a new all-time high, and the Nasdaq 100 falling 1.61%. Chipmakers sold off for a second day, dragging the Nasdaq 100 sharply lower, as South Korea's Kospi Index fell more than 7% to a three-week low amid renewed doubts over the sustainability of the AI buildout boom. The iShares Semiconductor ETF fell more than 5%, with SanDisk closing down more than 14% and KLA Corp down more than 12%. Stocks initially opened higher after a smaller-than-expected increase in June nonfarm payrolls of 57,000, versus expectations of 113,000, bolstered speculation the Federal Reserve will be unable to raise interest rates soon. The unemployment rate unexpectedly fell to a one-year low of 4.2%, while May factory orders declined 1.3% month-over-month, a smaller drop than the expected 2.0% decline.