{"id":64148,"date":"2026-07-02T18:21:58","date_gmt":"2026-07-02T22:21:58","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-touts-tech-donations-as-soft-jobs-data-fuels-gold-surge\/64148\/"},"modified":"2026-07-02T18:21:58","modified_gmt":"2026-07-02T22:21:58","slug":"trump-touts-tech-donations-as-soft-jobs-data-fuels-gold-surge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-touts-tech-donations-as-soft-jobs-data-fuels-gold-surge\/64148\/","title":{"rendered":"Trump Touts Tech Donations as Soft Jobs Data Fuels Gold Surge"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. Nonfarm Payrolls rose by just 57,000 in June<\/strong>, missing the 114,000 estimate and cooling expectations for a Federal Reserve rate hike.<\/li>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> surged above $4,130 per ounce<\/strong> following the weak jobs data as the U.S. Dollar and Treasury yields retreated.<\/li>\n<li><strong>President Trump announced a $250 million commitment from <a href=\"https:\/\/stockmarketwatch.com\/stock\/MU\" data-internallinksmanager029f6b8e52c=\"20\" title=\"Stock: MU\">Micron<\/a> Technology (<a href=\"\/stock\/MU\">MU<\/a>)<\/strong> to the new &quot;Trump Accounts&quot; children&#39;s savings program launching July 4.<\/li>\n<li><strong>Poland has frozen the transfer of MiG-29 fighter jets to Ukraine<\/strong>, citing Kyiv&#39;s failure to honor a drone technology-sharing agreement.<\/li>\n<li><strong>UK and EU steel trade measures took effect July 1<\/strong>, halving tariff-free quotas and imposing 50% duties on excess imports to counter Chinese overcapacity.<\/li>\n<\/ul>\n<h2>U.S. Labor Market Cools as Gold Hits Record Highs<\/h2>\n<p>The U.S. economy added only <strong>57,000 jobs in June<\/strong>, a significant miss compared to consensus forecasts of <strong>114,000<\/strong>. While the unemployment rate ticked down to <strong>4.2%<\/strong>, the soft headline figure has led market participants to dial back expectations for further tightening by the Federal Reserve.<\/p>\n<p><em>Gold prices reacted sharply to the data<\/em>, jumping more than 2% to trade above <strong>$4,130 per ounce<\/strong>. Analysts suggest that weakening labor conditions may force Fed Chair <strong>Kevin Warsh<\/strong> and the board to reconsider their hawkish stance, despite persistent inflation concerns stemming from recent Middle East volatility.<\/p>\n<h2>Trump Accounts Gain Billionaire Backing Ahead of Launch<\/h2>\n<p>Ahead of the July 4 launch of &quot;Trump Accounts,&quot; President Trump highlighted major corporate and philanthropic contributions. Micron Technology (<a href=\"\/stock\/MU\">MU<\/a>) committed <strong>$250 million<\/strong> to the program, which provides <strong>$1,000 in federal seed funding<\/strong> for children born during Trump&#39;s second term.<\/p>\n<p>The program has also received a <strong>$6.25 billion<\/strong> pledge from Michael Dell of Dell Technologies (<a href=\"\/stock\/DELL\">DELL<\/a>) and his wife, Susan. Trump also noted ongoing discussions with Elon Musk regarding a potential donation of SpaceX stock to the accounts, though he clarified he has not spoken to Musk since the billionaire reached &quot;trillionaire&quot; status.<\/p>\n<h2>Geopolitical Tensions: Iran Progress and Poland-Ukraine Rift<\/h2>\n<p>In foreign policy, President Trump signaled optimism regarding a final deal with <strong>Iran<\/strong>, stating that Tehran has agreed to &quot;virtually all&quot; U.S. demands focused on denuclearization. Despite the diplomatic progress, the U.S. confirmed it has released some Iranian funds specifically for food purchases while maintaining military readiness.<\/p>\n<p>Meanwhile, a rift has emerged between <strong>Poland<\/strong> and <strong>Ukraine<\/strong>. Warsaw announced it will not transfer its remaining <strong>MiG-29 fighter jets<\/strong> after a planned swap for Ukrainian drone technology collapsed. Polish officials cited a lack of reciprocity, stating that the aging aircraft will now be retired as they reach the end of their service life.<\/p>\n<h2>Trade and Global Markets<\/h2>\n<p><strong>China&#39;s Ministry of Commerce (MOFCOM)<\/strong> urged the UK to adjust its new steel trade measures, which officially took effect on July 1. The UK has reduced tariff-free steel quotas by <strong>51%<\/strong>, matching similar moves by the European Union to protect domestic industries from a global glut of cheap metal.<\/p>\n<p>In the Pacific, <strong>New Zealand&#39;s ANZ Roy Morgan Consumer Confidence<\/strong> index rose to <strong>91.3 in June<\/strong>, surpassing the <strong>87.2<\/strong> estimate. The reading marks a recovery from the prior month&#39;s <strong>86.5<\/strong>, though economists warn that overall consumer demand remains subdued due to high living costs and interest rate pressures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Nonfarm Payrolls rose by just 57,000 in June, missing the 114,000 estimate and cooling expectations for a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[5012],"tags":[248,311,1684,3710,3858,4824,5024,6229,16827],"class_list":["post-64148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","tag-dell","tag-mu","tag-gold","tag-federal-reserve","tag-x","tag-geopolitics","tag-trade","tag-nzd","tag-us-iran"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/64148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=64148"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/64148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50383"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=64148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=64148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=64148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}