Unify Financial Advisors Weekly Market Update
Stocks climbed during the shortened holiday week, with the S&P 500 rising 1.72% to hit a record high. Tech shares led the rally, supported by easing trade restrictions in AI chip manufacturing and upbeat labor data.
June’s payroll report showed 147,000 jobs were added, exceeding expectations, while the unemployment rate ticked down to 4.1%. Wages increased 0.2% for the month and 3.7% year-over-year. Meanwhile, JOLTS reported that job openings jumped to 7.8 million in May, with notable gains in hospitality and finance.
The U.S. trade deficit widened in May as exports dropped and imports remained steady. Manufacturing activity expanded at the fastest pace in three years, while services growth slowed modestly. Average national gas prices fell to $3.16 per gallon.
Weekly Outlook
Investors remain focused on Fed policy amid geopolitical risks and evolving trade dynamics. Though the labor report supports the Fed’s pause, markets are watching for further clarity on rate paths with the release of the FOMC Minutes from their June meeting.
For a more detailed analysis of last week’s markets and economic trends, check out the latest issue of Market Week.
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David Bennett