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New York, July 3 EST: SPY S&P 500 record levels were set Thursday as U.S. stocks climbed on the back of unexpectedly strong labor data. The S&P 500 closed at a new high of 6,279.36, up 0.83%, while the SPDR S&P 500 ETF Trust (SPY) finished at $625.34, rising $5.00 for the day.
The broad rally came after a solid June jobs report, which added 147,000 new positions and pushed unemployment down to 4.1%—a signal of economic resilience that tempered immediate hopes for a July rate cut but reassured markets about the near-term outlook.
Shares of SPDR S&P 500 ETF Trust (SPY) followed suit, finishing at $625.34, up $5.00 on the day. The ETF traded between $620.50 and $626.25, with volume topping 50 million shares—the kind of tape you expect on days when investors are repositioning, not just coasting.
Fed Put on Hold, But Investors Stay Put
The June jobs report wasn’t enough to trigger a July rate cut—147,000 new jobs added, unemployment dipping to 4.1%, and private hiring soft but steady. That’s not a pivot signal, but it’s also not a breakdown.
Market odds on a July cut dropped further, with September now the focus. But the reaction wasn’t selloff—it was a rally. Why? Because the data supports the narrative that the economy can handle higher rates without buckling.
In short: no immediate relief, but no red flags either.
Nvidia Edges Closer to $4 Trillion Milestone
The other big headline was Nvidia, which added 1.3% and ended the session just shy of a $3.89 trillion market cap. Briefly in the session, it crossed $3.92 trillion, overtaking Apple’s all-time valuation before easing back.
This isn’t just a stock on a run. It’s the most influential ticker in the market right now—pacing the AI trade, dragging indexes higher, and soaking up retail and institutional flows alike.
For the day, Nvidia accounted for a disproportionate share of the S&P’s gains—again.
What the Tape Says
Yields ticked up modestly, which usually pressures stocks. But not this time. The move suggests bond markets are absorbing the same message as equity markets: the Fed’s cautious, but the economy’s not cracking.
There’s no real euphoria here, just renewed conviction. If the jobs engine holds up and inflation doesn’t spike, the soft landing camp has more to work with.
And heading into Q3 earnings, that’s enough for now.
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