Dow Jones rises 300 points on soft labor data for June, easing the bets of rate hike; NASDAQ & S&P500 rise 0.5%

The US stock market opened in the green after the Jobs data indicated that the economy added fewer than expected jobs in June, which eased the bets of a rate hike by the Federal Reserve. The Dow Jones opened over 300 points higher, followed by the S&P500 up 0.49%, and the tech-heavy NASDAQ index rose 0.25%.

Meanwhile, European markets were trading higher as easing concerns about inflation and interest rates, and reports of positive progress in US-Iran talks lifted sentiment. Asian markets ended mixed as AI-related concerns triggered a sharp sell-off in semiconductor shares.

US economy added 57,000 jobs in June, almost half of what was expected, extending the streak of posting lower-than-expected labour additions for three consecutive months.

The April and May data were also revised downwards by 74,000 in total. Meanwhile, ADP reported that US private businesses added 98,000 new jobs in June, missing street estimates of 110,000 and falling below the prior month's 122,000 increase.

At the stock specific level, the shares of chip makers opened in green after a brutal selloff on Wednesday. Micron shares jumped 0.8%, NVIDIA share prive hovered around neutral level at $197 apiece, Intel Corporation share price traded in red at opening with marginal losses.

While the magnificent seven companies’ share price opened in green. Shares of Apple Inc were among the gainers with 3.2% rise, while shares of Meta Platforms plunged 3% on Thursday after a robust 8% rally on Wednesday.

The treasury yields on 10-year note fell 2 bps after reduced their bets on US interest rate hikes by the Federal Reserve. In addition, Federal Reserve chair Kevin Warsh said on Wednesday that inflation expectations have eased over the past month, which further boosted the dovish bets.