Market Midday: Stocks Mixed, Job Creation Cooled In June, Americans Pay Up For Beef 7/2/26

Summary

Markets were mixed after a weak June jobs report that showed only 57,000 jobs added versus expectations. David Kelly of J.P. Morgan highlighted the tension between a booming tech sector and a sluggish real economy. Steve Liesman broke down disappointing private-sector hiring, while Kevin Hassett maintained the economy remains strong. A segment covered record beef prices with resilient consumer demand, and brief updates noted Rivian's raised delivery outlook and Ford's poor sales.

• Dow Jones rose on gains in Apple, Walmart, and Boeing; S&P 500 and Nasdaq fell.
• June nonfarm payrolls came in at 57,000, far below the expected ~114,000.
• Private sector added only 39,000 jobs; retail lost jobs and leisure/hospitality unexpectedly declined.
• David Kelly pointed to a demographic drag and a stark divergence between AI/tech strength and weakness elsewhere.
• Kevin Hassett emphasized the economy's overall strength and a pattern of upside surprises.
• Beef prices hit new records as the US cattle herd shrank to historic lows, but demand for steaks remains strong.
• Kroger reported continued robust demand for premium and organic steaks despite sticker shock.
• Rivian raised its full-year delivery outlook on strong Q2 demand; Ford's Q2 sales fell over 10% due to F-150 production issues.