New York, July 4, 2026, 13:05 EDT
- U.S. equity markets were closed Friday, July 3, for Independence Day. NYSE and Nasdaq both marked the day as a holiday.
- The Dow closed at a record high Thursday and finished the week up around 2%. The S&P 500 added 1.8% and the Nasdaq climbed 2.1%.
- Thursday saw a sharp split in trading. Chip stocks dropped, Nasdaq breadth was in the red, and exchange volume came in almost 15% under its 20-day average.
- Traders are watching Fed minutes, plus results from Delta Air Lines and PepsiCo, for signals on rates and earnings support.
Stocks start the week with little in the way of headlines, but action’s still unsettled. The Dow Jones Industrial Average (INDEXDJX:.DJI) finished at a record before the holiday, but the Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped as chip stocks dropped on the last session. Markets were shut Friday for the Independence Day holiday, with July 4 landing on Saturday.
The story isn’t the fresh high. It’s how stocks got there. The Dow climbed as chip names slid, the S&P 500 (INDEXSP:.INX) lost steam and more Nasdaq stocks fell than rose.
| Gauge | Thursday close | Thursday move | Week |
|---|---|---|---|
| Dow Jones Industrial Average | 52,900.07 | jumped 594.83 points, or 1.14% | up about 2.0% for the week |
| S&P 500 | 7,483.24 | added just 0.01 points, basically unchanged | gained 1.8% this week |
| Nasdaq Composite | 25,832.67 | fell 207.36 points, or 0.80% | rose 2.1% on the week |
Market breadth split Tuesday, with NYSE advancers ahead of decliners 1.42 to 1, while decliners led advancers on the Nasdaq by 1.05 to 1, according to Reuters/LSEG data. U.S. exchange volume was 19.92 billion shares, running below the 20-day average of 23.34 billion. That’s around 15% lighter than usual—one reason traders may not put much weight on moves in the thin pre-holiday market.
| Thursday tape check | Reading | Why it matters |
|---|---|---|
| NYSE breadth | 1.42-to-1 advancers | Blue chips had some backing from the floor |
| Nasdaq breadth | 1.05-to-1 decliners | Nasdaq’s weekly rise saw participation slip on Thursday |
| NYSE new highs/lows | 318 / 111 | Highs kept outpacing lows |
| U.S. exchange volume | 19.92 bln shares | Came in below the 20-day average of 23.34 bln |
Apple NASDAQ:AAPL climbed 4.8% Thursday, lifting all three main indexes. Nvidia NASDAQ:NVDA slid 1.4%, SanDisk NASDAQ:SNDK tumbled 14.1%, and the Philadelphia Semiconductor Index shed 5.4%, with the sector logging another sharp loss. Tesla NASDAQ:TSLA sank 7.5%, despite Q2 deliveries topping forecasts.
The jobs numbers handed bulls a reason to bet on rates. The Bureau of Labor Statistics reported nonfarm payrolls up 57,000 in June, with unemployment at 4.2%. Previous gains for April and May were revised down by 74,000. Leisure and hospitality shed 61,000 jobs. Professional and business services added 36,000.
Adam Sarhan, CEO at 50 Park Investments, said the jobs report “takes the pressure off the Fed to raise rates in the short term.” Expectations for a September rate hike dropped to 55% from 64.1% after the data, according to CME FedWatch figures reported by Reuters. Reuters
| June labor read | Figure |
|---|---|
| Nonfarm payrolls | +57,000 |
| Unemployment rate | 4.2% |
| April-May revisions | -74,000 |
| Professional/business services | +36,000 |
| Health care | +22,000 |
| Leisure/hospitality | -61,000 |
This week does not bring a flood of data, but the releases on deck could move markets. Investors will get Fed minutes on Wednesday. Delta Air Lines NYSE:DAL and PepsiCo NASDAQ:PEP report before the second-quarter earnings season really starts. LSEG IBES sees S&P 500 companies raising Q2 earnings by more than 24%.
Joe Mazzola of Charles Schwab NYSE:SCHW said he’s watching if the broadening trend holds. Matthew Miskin at Manulife John Hancock Investments, under Manulife Financial NYSE:MFC, said investors are looking for “how incrementally hawkish are they leaning.” James Ragan at D.A. Davidson sees a Fed tightening cycle as “a risk to the market and the valuations.” Keith Lerner at Truist Advisory Services, part of Truist Financial NYSE:TFC, said companies need to “validate the earnings trajectory.” Reuters
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