Market Close: Stocks Mixed, Dow Sets Record; June Jobs Miss Forecast 7/2/26

Summary

CNBC's market close update with Jessica Ettinger recaps a mixed session where the Dow hit a fresh record, the S&P 500 was flat, and the Nasdaq fell as chipmakers struggled. The June jobs report missed significantly, adding only 57,000 jobs, sparking debate over the economy's strength. Beef prices hit records on tight cattle supply, while upcoming events include the World Cup, SpaceX index addition, and key earnings.

• Dow Industrials set a record high, up 594 points, led by Apple, McDonald's, and Disney.
• S&P 500 was unchanged while Nasdaq fell 207 points; chipmakers Micron and Intel each dropped 5%.
• June nonfarm payrolls missed badly at 57,000, half the forecast, fueling economic slowdown fears.
• JPMorgan's David Kelly calls the economy a 'tortoise' with sluggish broad growth but booming tech.
• Unemployment rate dipped to 4.2% and Kevin Hassett insists the data still points to a strong economy despite one weak month.
• US cattle herd at decades-low drives record beef prices; ground beef up 13% YoY, steak up 16% yet demand holds.
• Upcoming: US vs Belgium World Cup match, SpaceX joining the Nasdaq index, and earnings from PepsiCo and Delta Airlines.