The Dow Jones Industrial Average was down 159.47 (-0.31%) points today, reaching 51,402.46, as investors processed the June Jobs Report. The main narrative driving the market was a hotter-than-expected labor market, which sparked fears that the Federal Reserve will maintain elevated interest rates longer than anticipated. With non-farm payrolls significantly surpassing economist estimates, the 10-year Treasury yield surged, weighing on rate-sensitive blue-chip equities. Dow Futures (YM=F) was down 177.00 (-0.34%) points today, reflecting a shift in sentiment as traders lowered the probability of a late-summer rate cut.
Despite the broader pressure, 3M (MMM) was up 3.70% at $148.62 after a favorable analyst upgrade regarding its spin-off efficiency. Nvidia (NVDA) was up 1.77% at $225.01, continuing its dominance in the AI sector, while Johnson & Johnson (JNJ) was up 1.61% at $227.63. Cisco (CSCO) was up 1.33% at $100.48 and UnitedHealth Group (UNH) was up 1.00% at $399.64, as defensive healthcare and networking sectors attracted capital amid the macroeconomic volatility.
Conversely, IBM (IBM) was down 2.42% at $213.40, leading the decliners on Friday. Home Depot (HD) was down 2.14% at $303.85, heavily pressured by the impact of high borrowing costs on the housing market. Salesforce (CRM) was down 1.64% at $168.45, and Sherwin-Williams (SHW) was down 1.36%. Other notable losers included American Express (AXP), which was down 1.27%, and JPMorgan Chase (JPM), which was down 1.12% today.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.