WS #11284
June non-farm payrolls added only 57,000 jobs vs 110,000 expected, easing rate hike fears but triggering a rotation out of tech into cyclicals, with Dow hitting record and Nasdaq falling. Meta jumped 10% on plans to sell AI compute, Microsoft launched $2.5B AI unit, but semiconductor stocks plunged 5.44% on profit-taking and rotation.
US Jobs Data Miss and Market Rotation
June non-farm payrolls added only 57,000 jobs vs 110,000 expected, easing rate hike fears but triggering a rotation out of tech into cyclicals, with Dow hitting record and Nasdaq falling.
Meta jumped 10% on plans to sell AI compute, Microsoft launched $2.5B AI unit, but semiconductor stocks plunged 5.44% on profit-taking and rotation.