US close: Stocks mixed after weak jobs report, Dow hits new high

(Sharecast News) - US stocks finished in a mixed fashion on Thursday ahead of the three-day weekend, with the Dow jumping to a new record and the Nasdaq slipping into the red, as investors weighed a weak jobs report with interest rate projections.

The Dow surged 1.1% to a new closing high of 52,900.07; however, the S&P 500 finished flat, and the Nasdaq dropped 0.8%. Markets are closed on Friday for the Fourth of July long weekend.

The US economy added just 57,000 jobs in June, well below the downwardly revised 129,000 recorded in May, according to the Bureau of Labor Statistics. This was short of forecasts for 110,000, marking the weakest gain in four months. Revisions subtracted 74,000 jobs from the combined April and May totals.

The unemployment rate, on the other hand, fell to 4.2%, down from 4.3% but still slightly ahead of the 4.1% level seen at the same time a year earlier.

The data left investors firm in their belief that the Federal Reserve will now look at holding off from making any interest rate hikes under these conditions.

"Weak jobs numbers would normally be a key reason for central banks to consider cutting rates to stimulate the economy," said Dan Coatsworth, head of markets at AJ Bell.

"The latest US jobs data confirms labour market disappointment but we're nowhere near the stage where the Fed will reach for the monetary policy scissors to start cutting. We're more likely to see an adjustment to the Fed's assessment that implies no change to rates, which is still a win for markets."

Elsewhere on the macro front, Americans lined up for unemployment benefits at a decelerated pace in the week ended 27 June, according to the Labor Department, with initial jobless claims dropping by 1,000 to 220,000. Continuing claims, on the other hand, rose by 2,000 to 1.81m, while the four week moving average decreased by 2,500 to 222,000.

Rivian, Tesla, Alphabet

Shares in Rivian Automotive motored ahead on Thursday, after bumper second-quarter demand prompted the electric car manufacturer to boost guidance. Rivian said demand had been especially "robust" for its electric delivery vans and R1 range, with trading further strengthened by the first deliveries of the mid-size R2 SUV.

Rival Tesla Motors also posted stronger-than-expected deliveries in the second quarter, as a rebound in demand in Europe helped offset ongoing weakness in North America. However, shares dropped sharply as the stock pulled back after a surge over recent days.

Alphabet finished lower after Europe's top court upheld Google's �4.1bn fine for anticompetitive practices linked to its Android mobile operating system. The European Commission imposed the penalty in 2018, arguing that Alphabet had abused its dominance in mobile software by requiring smartphone makers to preinstall its apps, giving the company an unfair advantage.

Dow Jones - Risers

Apple Inc. (AAPL) $308.63 5.53%

McDonald's Corp. (MCD) $280.63 4.16%

Walt Disney Co. (DIS) $99.50 3.92%

Boeing Co. (BA) $226.49 3.62%

Johnson & Johnson (JNJ) $263.04 3.57%

Coca-Cola Co. (KO) $84.14 3.51%

Amgen Inc. (AMGN) $374.15 3.41%

Merck & Co. Inc. (MRK) $129.56 3.33%

Microsoft Corp. (MSFT) $390.49 3.20%

Visa Inc. (V) $362.13 3.15%

Dow Jones - Fallers

Intel Corp. (INTC) $120.35 -9.45%

Cisco Systems Inc. (CSCO) $112.69 -2.98%

Caterpillar Inc. (CAT) $963.53 -2.81%

Unitedhealth Group Inc. (UNH) $425.36 -0.28%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walmart Inc. (WMT) $0.00 0.00%

Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%

JP Morgan Chase & Co. (JPM) $334.47 0.12%

Goldman Sachs Group Inc. (GS) $1,021.00 0.14%

3M Co. (MMM) $160.44 0.25%

S&P 500 - Risers

Genuine Parts Co. (GPC) $132.57 12.92%

DENTSPLY Sirona Inc. (XRAY) $11.65 8.42%

Willis Towers Watson Public Limited Company (WTW) $286.22 7.82%

Align Technology Inc. (ALGN) $184.52 7.19%

Perrigo Company plc (PRGO) $11.02 6.89%

News Corp Class B (NWS) $30.17 6.80%

News Corp Class A (NWSA) $26.64 6.33%

Illumina Inc. (ILMN) $188.68 6.18%

CME Group Inc. (CME) $236.60 6.18%

Equifax Inc. (EFX) $172.07 6.10%

S&P 500 - Fallers

KLA-Tencor Corp. (KLAC) $235.55 -16.35%

Lam Research Corp. (LRCX) $351.41 -13.64%

Applied Materials Inc. (AMAT) $603.04 -10.85%

Corning Inc. (GLW) $196.79 -10.84%

CenturyLink Inc. (LUMN) $6.43 -10.07%

Western Digital Corp. (WDC) $539.00 -9.46%

Intel Corp. (INTC) $120.35 -9.45%

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Micron Technology Inc. (MU) $975.56 -8.41%

Seagate Technology Plc (STX) $820.16 -8.00%

Nasdaq 100 - Risers

DENTSPLY Sirona Inc. (XRAY) $11.65 8.42%

Align Technology Inc. (ALGN) $184.52 7.19%

Illumina Inc. (ILMN) $188.68 6.18%

Netflix Inc. (NFLX) $77.65 6.06%

Cognizant Technology Solutions Corp. (CTSH) $41.99 5.93%

Cintas Corp. (CTAS) $181.37 5.86%

Vertex Pharmaceuticals Inc. (VRTX) $528.04 5.81%

Apple Inc. (AAPL) $308.63 5.53%

Intuitive Surgical Inc. (ISRG) $426.01 5.30%

Automatic Data Processing Inc. (ADP) $242.27 5.20%

Nasdaq 100 - Fallers

KLA-Tencor Corp. (KLAC) $235.55 -16.35%

Lam Research Corp. (LRCX) $351.41 -13.64%

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Applied Materials Inc. (AMAT) $603.04 -10.85%

Western Digital Corp. (WDC) $539.00 -9.46%

Intel Corp. (INTC) $120.35 -9.45%

Micron Technology Inc. (MU) $975.56 -8.41%

Seagate Technology Plc (STX) $820.16 -8.00%

Asml Holdings N.V. (ASML) $1,769.32 -7.70%

Tesla Inc (TSLA) $393.45 -7.00%