| 📊 Alain’s Holdings — July 2, 2026 | ||||
|---|---|---|---|---|
| Symbol | Name | Price | Change | Change % |
| VOO | Vanguard S&P 500 ETF | 684.84 | -0.62 | -0.09% |
| QQQ | Invesco QQQ Trust | 712.60 | -12.57 | -1.73% |
| XIU.TO | iShares S&P/TSX 60 ETF | 51.95 | +0.14 | +0.27% |
Wall Street finished the holiday-shortened week with mixed results as investors weighed encouraging economic news against another sharp selloff in semiconductor stocks.
The Dow Jones Industrial Average surged 1.1% to another record high, while the S&P 500 finished essentially unchanged. The Nasdaq Composite fell 0.8%, dragged lower by continued weakness in AI and semiconductor shares.
The biggest economic news came from the June employment report.
The U.S. economy added 57,000 jobs, well below economists’ expectations of about 110,000. At first glance, weaker job growth might sound like bad news.
But for investors, the report had a silver lining.
A cooler labor market reduces pressure on inflation and makes it less likely that the Federal Reserve will raise interest rates in the near future. Treasury yields fell immediately after the report as investors lowered their expectations for future rate hikes.
Despite the positive economic backdrop, semiconductor stocks remained under pressure.
Micron, Nvidia, and several other AI-related companies declined as investors continued questioning whether current valuations fully reflect future earnings potential. This marks another reminder that the AI trade is entering a more mature phase, where execution matters more than excitement.
Interestingly, today’s market demonstrated that leadership is broadening.
While technology struggled, more than two-thirds of the companies in the S&P 500 finished higher. Investors rotated into sectors that may benefit from lower interest rates, showing that opportunities exist beyond the largest AI names.
As markets head into the U.S. Independence Day holiday, one lesson stands out:
Bull markets don’t require every stock to rise together.
Healthy markets rotate leadership.
Today, the Dow carried the torch while technology took a breather.
For long-term investors, that’s often a sign of a more balanced and sustainable market.
Other Stock Market blog posts
Leave a Reply