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U.S. Stocks Rally to Record Highs After Robust June Jobs Report

Markets reached fresh highs on unemployment data that undercut rate-cut bets ahead of a tariff pause expiration.

The exterior of the TMX is seen in Toronto, Wednesday, Nov. 1, 2023. THE CANADIAN PRESS/Chris Young
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Traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on June 30, 2025.
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Overview

  • Bureau of Labor Statistics data showed nonfarm payrolls rose by 147,000 in June and the unemployment rate fell to 4.1%.
  • The S&P 500, Nasdaq Composite and Dow Jones Industrial Average each closed at record levels following the report.
  • Treasury yields rose sharply as futures traders priced in a roughly 95% probability of no Federal Reserve rate cut in July.
  • Investors are focusing on the impending expiration of the 90-day tariff pause, which could reshape trade policy.
  • The Senate passed President Trump’s tax megabill and sent it back to the House for a final vote.