Wall Street ends holiday-shortened week higher on rate-cut hopes

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Summary · why it matters

Wall Street ended the holiday-shortened week higher as investors looked past softer-than-expected labor market data and increased bets that the Federal Reserve could cut interest rates before year-end. The June jobs report showed the U.S. added just 57,000 jobs, missing expectations, while the unemployment rate unexpectedly edged down to 4.2%. Technology stocks remained volatile, with semiconductor shares under pressure as investors rotated into financials and other cyclical sectors. For the week, the S&P 500 gained 2%, the Dow Jones Industrial Average advanced 2%, and the Nasdaq rose 2.5%.

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