On July 1, the Dow Jones Industrial Average hit a fresh intraday record of 52,742.66 before giving back most of its gains, closing down 13 points. The S&P 500 fell 0.2%, and the Nasdaq Composite lost about 0.7% as investors took profits in semiconductor stocks following the sector's strong first-half rally. On July 2, the Dow reached a record high as a weak June jobs report fueled hopes for Fed rate cuts. However, a sharp sell-off in semiconductor stocks dragged the Nasdaq 100 lower despite the Dow's gains.
