On Friday (3 July, 9:21 AM, GMT+7, Bangkok time), major indices in the Asia Pacific exhibited an upward trend after U.S. equities posted a mixed session, led by a new all-time high for the Dow Jones Industrial Average. The fresh record was set after U.S. labor market figures for June came in weaker than anticipated.
While optimism emerged around potential easing from the Fed, technology stocks in the U.S. continued to face selling pressure, mainly due to a downturn in semiconductor shares. This sector decline reflected increasing doubts about the strength and pace of the artificial intelligence rally.
There is growing skepticism that rising memory prices could prompt a shift to AI systems with lower memory demand, while planned data center projects may not all be completed, according to Louis Navellier of Navellier & Associates.
The latest report from the Bureau of Labor Statistics showed nonfarm payrolls grew by 57,000 last month. The U.S. unemployment rate moved lower to 4.2%. Following the jobs data, market participants have reduced their expectations for further interest rate increases by the Federal Reserve, though at least one more hike remains anticipated this year.
Notably, U.S. financial markets will be closed on Friday in observance of the Independence Day holiday.
Japan’s NIKKEI rose by 0.68% to 69,197.91. South Korea’s KOSPI jumped by 2.45% to 7,835.52, and Australia’s ASX 200 grew by 0.99% to 8,811.20.
As for stocks in China, Shanghai’s SSEC increased by 0.29% to 4,040.47, Shenzhen’s SZI added 0.63% to 15,596.85, and Hong Kong’s HSI surged 1.79% to 23,466.65.
The U.S. stock markets were mixed on Thursday as the Dow Jones Industrial Average (DJIA) advanced by 1.14% to 52,900.07. NASDAQ fell by 0.80% to 25,832.67, and S&P 500 remained relatively unchanged at 7,483.24. VIX plummeted by 2.65% to 16.15.
As for commodities, oil prices settled higher on Thursday as traders looked to secure supply ahead of the extended U.S. Independence Day holiday. Brent crude contracts ended the session at $71.80 per barrel, posting a rise of 23 cents, equivalent to a 0.32% increase. U.S. West Texas Intermediate crude settled at $68.69 per barrel, up by 11 cents, or 0.16%.
This morning, Brent futures gained 27 cents, or 0.38%, to $72.07 per barrel, and the WTI futures added 23 cents, or 0.33%, to $68.92 per barrel.
Meanwhile, gold futures soared by 1.65% to $4,193.80 per Troy ounce.
