Wall Street Finishes Up and Down Session: Closing Bell
July 1, 2025
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10:55Now PlayingWall Street Finishes Up and Down Session: Closing Bell
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as posted by the channelWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Matt Miller.
Wall Street traders drove a rotation out of the tech megacaps that had powered stocks from the brink of a bear market. Bond yields rose as an increase in job openings dimmed the outlook for Federal Reserve rate cuts. The dollar remained at its lowest since 2022.
While the S&P 500 barely budged after notching all-time highs, a violent rotation took place at the start of July, with money chasing losers at the expense of recent winners. Momentum was unwinding at a pace not seen in over two years, and the small-cap Russell 2000 index beat the tech-heavy Nasdaq 100 by the most since April.
“If you’re long recent winners and are feeling the pain today, we would not be making any dramatic portfolio shifts just yet,” said Bespoke Investment Group strategists. “It could be the start of a longer-term shift that develops, but a one-day move is simply too soon to tell.”
Short-dated Treasuries, which are more sensitive to imminent Fed moves, underperformed longer maturities.
US job openings hit the highest since November, largely fueled by leisure and hospitality, and layoffs declined. Fed policymakers have consistently characterized labor-market conditions as strong in recent weeks.
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