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crypto.news 2025-07-03 14:09:54

Dow Jones eyes 45,000 level after strong jobs report

Dow Jones eyes 45,000 level after strong jobs report

The S&P 500 hit a new record high while the Dow Jones Industrial Average opened higher on Thursday, July 3, as U.S. stocks climbed following a positive market reaction to the latest jobs data. As investors digested the non-farm payrolls report, the Dow opened more than 100 points higher, with both the S&P 500 and Nasdaq Composite edging up to fresh all-time highs. The S&P 500 was up nearly 0.5% in early trading, while the Nasdaq Composite had added 0.6%. The gains followed upward momentum in the futures market, where the benchmark S&P 500 hovered near its previous record. The Dow, currently trading at 44,782, is now within striking distance of the 45,000 level, marking a strong run from the 38,000 level it traded at just in April. Meanwhile, as stocks gained, Bitcoin ( BTC ) rose to lead the crypto market higher. You might also like: Here’s why Bitcoin and other cryptos are up today U.S. added 147,000 jobs in June The Bureau of Labor Statistics reported that non-farm payrolls rose by 147,000 in June, beating economists’ expectations of 106,000. According to the report, job gains were strongest in state government and healthcare, while the federal government continued to shed positions. The unemployment rate also surprised to the upside, falling to 4.1% versus forecasts of a rise to 4.3%. In May, the U.S. economy had added 144,000 jobs, an upward revision from the previously reported 139,000. At the time, the unemployment rate held steady at 4.2%. Nonfarm payrolls report on July 3, 2025 comes just a day after ADP’s latest data that showed private payrolls recorded a 33,000 decline in June. Bets on rate cut falls Amid the payrolls report, bullish bets on odds of a Federal Reserve rate cut in July have dropped, with the CME FedWatch Tool now showing markets are pricing in a 5% chance. On Wednesday, bets for a rate cut by the central bank in July stood at 24%. While the jobs report has catalyzed an upward reaction across equities, investors remain cautious amid focus on President Donald Trump’s tax bill. The U.S. Senate passed the mega budget bill on July 1, with that now facing a final vote following its earlier adoption by the Republican-controlled House. The first week of July will be a shortened one for U.S. markets as July 4 marks Independence Day. Ahead of the full stock market closure on Friday, the New York Stock Exchange and the Nasdaq will close early – at 1 p.m. ET. on Thursday. You might also like: Why Trump’s ‘big, beautiful’ bill is bullish for Bitcoin and altcoins

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