TradingKey Daily Market Brief: AMD and Intel Lead Chip Stocks, Nike Under Pressure After-Hours, Market Focuses on Non-Farm Payrolls Data

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TradingKey - On June 30, Eastern Time, US stocks continued to march higher in end-of-quarter trading, with AI and chip stocks emerging once again as the core driving force behind the market's upward move. Although uncertainty remains over a Middle East ceasefire and investors continue to focus on the US nonfarm payrolls report due out this week, risk appetite did not recede significantly. The Dow Jones Industrial Average hit another record closing high, while the S&P 500 and Nasdaq Composite also posted strong gains, indicating that capital still prefers to seek opportunities within the tech and AI themes.

At the close, the Dow Jones Industrial Average rose 0.26% to 52,324.22; the S&P 500 Index climbed 0.79% to 7,499.36; and the Nasdaq Composite Index surged 1.52% to 26,213.72.

In sectors and individual stocks, chipmakers continued to lead the market higher. Nvidia ( NVDA) rose 2.63%, AMD ( AMD) jumped 7.68%, Micron Technology ( MU) ticked slightly higher, and Intel ( INTC) advanced 6.01%, indicating that market expectations for AI computing power, advanced nodes, and memory chip demand remain robust. Meanwhile, Alphabet ( GOOGL) rose 1.05%, SpaceX ( SPCX) gained 4.06%, and mega-cap tech and AI infrastructure-related stocks overall extended their recovery trend. Nike ( NKE) saw its shares come under pressure in after-hours trading following its earnings release, sliding 2.47%.

In commodity markets, crude oil prices remained weak at the end of the quarter. Brent crude settled down 0.22% at $73.42, while WTI ( USOIL) crude closed at $70.02. As transit through the Strait of Hormuz gradually resumed and previously stranded vessels re-entered the market, concerns over supply disruptions eased significantly. Brent crude fell about 29% for the quarter, and WTI crude lost about 31%, with both posting their largest quarterly declines since 2020.

In precious metals, spot gold ( XAUUSD) edged down 0.05% to around $4,005, with its overall performance in the second quarter remaining weak. Due to a strong US dollar and rising expectations of Fed rate hikes, gold fell about 14% this quarter, marking its worst quarterly performance since 2013.

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The US labor market data has become the macroeconomic focus. JOLTS data released by the US Department of Labor showed that job openings rose to 7.594 million in May, a near two-year high, indicating that corporate hiring demand remains resilient. However, the number of hires fell slightly and the quit rate remained low, suggesting that the labor market is not overheating across the board. Following the release of the data, the market continued to bet that it would be difficult for the Federal Reserve to pivot to easing in the short term. The June non-farm payrolls report, scheduled for release this Thursday, will be a key variable influencing the trend of US stocks, the US dollar, and US Treasury yields.

The Japanese yen continues to hit new multi-year lows. The USD/JPY exchange rate once rose to around 162.66, with the yen falling to its lowest level since 1986. Although the Bank of Japan had previously entered a rate hike cycle, the interest rate differential between the US and Japan remains wide, and carry trades continue to weigh on the yen's performance. Japan's Ministry of Finance has once again signaled potential intervention in the foreign exchange market, but the yen is unlikely to shake off its short-term weakness before the strong dollar and hawkish Fed expectations cool down significantly.

The prospects for US-Iran negotiations are once again clouded. Iran stated that it would not meet directly with the US envoy arriving in Doha, casting further uncertainty over whether previous temporary peace arrangements can be transformed into a long-term agreement. Although the two sides have recently signed a ceasefire agreement, differences remain over rules of passage through the Strait of Hormuz, whether Iran will levy transit fees, and regional security arrangements. The market still needs to watch whether the two sides resume direct contact during the negotiation window, as this will affect energy supply expectations, inflation assessments, and global risk appetite.

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