Key Facts
• S&P 500 fell on July 1, driven by rotation from tech stocks to other sectors.
• Russell 2000 rose 1%, while Nasdaq 100 dropped 0.9%.
• May job openings unexpectedly increased to the highest level since November 2024.
• Treasury yields rose, with the 2-year yield surpassing 3.78% temporarily.
• Dollar index fell 0.1%, recovering from a 0.4% intraday drop.
• Yen strengthened to the lower 143 range against the dollar.
• Euro marked a nine-day consecutive rise against the dollar, the longest since 2004.
• Crude oil rebounded, with WTI futures up 0.5% to $65.45 per barrel.
• Gold prices rose 1%, with spot gold at $3,337.57 per ounce.
• Federal Reserve Chair Powell highlighted data-driven decisions on rate cuts, leaving July options open.
• U.S. Senate passed a bill including $4.5 trillion in tax cuts and $1.2 trillion in spending reductions.
Summary
The U.S. stock market saw a decline in the S&P 500 on July 1, as investors shifted funds from large tech stocks to other sectors. The Russell 2000 gained 1%, while the Nasdaq 100 fell 0.9%. May job openings surged unexpectedly, reducing expectations for a Federal Reserve rate cut in July. Treasury yields rose, with the 2-year yield briefly exceeding 3.78%. The dollar index dropped 0.1%, while the yen strengthened to the lower 143 range. The euro achieved a nine-day consecutive rise against the dollar, the longest streak since 2004. Crude oil prices rebounded amid Middle East tensions, with WTI futures closing at $65.45 per barrel. Gold prices increased by 1%, supported by concerns over U.S. fiscal risks. Federal Reserve Chair Powell emphasized a data-driven approach to rate decisions, keeping July options open. Meanwhile, the U.S. Senate approved a bill featuring significant tax cuts and spending reductions.
