Market Midday: Market Open: Stocks Higher, Bond Yields Lower, Weak Job Creation In June 7/2/26

Summary

Stocks opened higher and bond yields fell after a much weaker-than-expected June jobs report. Chip stocks were mixed, and oil prices returned to pre-Iran conflict levels, with one guest suggesting further downside. The data strengthened hopes that the Federal Reserve will not need to raise interest rates.

• June nonfarm payrolls rose only 57,000, about half the expected gain, with prior month revised down.
• Private sector added just 39,000 jobs; leisure and hospitality declined by 61,000.
• Major stock averages opened higher: Dow up 270 points, S&P 500 up 30, Nasdaq up 73.
• Bond yields declined on the weak jobs data, boosting equity sentiment.
• Chip stocks were split: Micron gained 2%, while Intel, Broadcom, and AMD fell.
• US crude oil sat near $67/barrel, back to levels before the US launched missiles into Iran.
• Jeffre David Zervos said oil prices are likely headed lower with momentum behind the move.
• Ford's Q2 sales fell over 10% due to F-series production issues and weaker EV demand.