Dow hits record after weak US jobs data eases Fed rate-hike fears
The Dow Jones Industrial Average closed at a fresh record after June payrolls rose just 57,000 and unemployment held at 4.2%. The soft data eased expectations of a Federal Reserve rate hike, lifting equities. A J.P. Morgan Asset Management strategist said "American workers are not getting a raise."
The Dow Jones Industrial Average posted a fresh record close after a weaker-than-expected US jobs report for June. Nonfarm payrolls rose by just 57,000, while the unemployment rate held steady at 4.2%.
Investors read the cooling labour market as a development that lowers the chance of a Federal Reserve rate increase this year. That expectation pushed bond yields lower and boosted demand for equities. Analysts cautioned, however, that soft wage growth poses a risk to consumer spending in the months ahead.
A J.P. Morgan Asset Management strategist said "American workers are not getting a raise," adding that the rest of 2026 will hinge largely on the direction of the labour market. Markets will watch upcoming inflation and spending figures closely to gauge how much room the Fed has to keep policy on hold.
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