S&P 500 Rises for 6 Consecutive Days Ahead of Employment Data Release... Micron Falls 5%

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange all rose in the first trading session of the second half of the year.

On the 1st (local time), the Dow Jones Industrial Average increased by 131.02 points (0.38%) to close at 34,633.53, the S&P 500 index rose 22.44 points (0.52%) to 4,319.94, and the Nasdaq index gained 18.42 points (0.13%) to finish at 14,522.38.

The S&P 500 index extended its record-high streak with six consecutive days of gains.

Employment data released ahead of the Labor Department's June employment report, scheduled for the following day, showed strong performance, boosting investor sentiment.

Last week, initial jobless claims fell by 51,000 from the previous week to 364,000, the lowest since the COVID-19 outbreak.

The market expects the number of employed persons in June to have increased by 700,000. The unemployment rate is anticipated to drop to 5.7%. If employment data exceeds expectations, it is likely to positively influence investor sentiment.

Although employment indicators continue to improve, the U.S. Treasury market showed little change. On the day, the yield on the 10-year U.S. Treasury note was at the 1.46% level.

If the June Labor Department employment data surpasses expectations, it will be a key point to watch whether Treasury yields turn upward. Rising Treasury yields can weigh on technology stocks.

By individual stocks, semiconductor company Micron Technology fell sharply by 5.7%. On this day, the market widely anticipated that the semiconductor supply shortage would be resolved in the second half of the year, ending the soaring semiconductor prices.

Cryptocurrency exchange Coinbase plunged 4% due to a negative outlook from Mizuho Securities.

This content was produced with the assistance of AI translation services.