WS #11273
June NFP +57K vs ~110K expected, with downward revisions, easing Fed rate hike fears and boosting equities initially, though tech selloff persists. Zuckerberg says AI spend strains stock but is long-term investment, expects benefits in 3-6 months; also notes AI agent development hasn't accelerated as expected. Dow hits record as money rotates out of AI chips into blue chips; semiconductors (SMH, SOXX) down ~10-12% from highs, with Micron down 10%.
US Jobs Report Miss Eases Rate Hike Fears
June NFP +57K vs ~110K expected, with downward revisions, easing Fed rate hike fears and boosting equities initially, though tech selloff persists.
Zuckerberg says AI spend strains stock but is long-term investment, expects benefits in 3-6 months; also notes AI agent development hasn't accelerated as expected.
Dow hits record as money rotates out of AI chips into blue chips; semiconductors (SMH, SOXX) down ~10-12% from highs, with Micron down 10%.