Episode Details

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JOBS COOL, FED STILL HOT
- June payrolls came in at +57,000, well under the +110,000 estimate.
- April and May were revised down by a combined 74,000 jobs.
- Unemployment slipped to 4.2%, but not for the best reason: the labor force shrank by 720,000 people.
- Labor-force participation fell to 61.5%, the lowest in more than five years.
- Leisure and hospitality lost 61,000 jobs, a notable hit to the consumer-service economy.
- Average hourly earnings rose $0.13 in June.
- Fed setup: weaker hiring argues for patience, but inflation is still above target, so the market is back to parsing every Fed sentence.
- - Fed Funds Futures Now only ONE Raise by Year-End

DOW RECORD, NASDAQ WOBBLE
- The Dow closed at a record 52,900.07 after the soft jobs report cooled near-term rate-hike fear.
- S&P 500 finished roughly flat.
- Nasdaq fell about 0.8% as chip stocks dragged the tape lower.
- The Philadelphia Semiconductor Index dropped more than 5% on July 2.
- Apple rose nearly 5% on iPhone launch optimism.