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World shares are mixed ahead of July 4 holiday
AP News • • business
Key Points:
- Global stock markets showed mixed performance, with the Dow Jones Industrial Average hitting another record while some AI-related stocks experienced gains and others faced losses ahead of the U.S. Independence Day holiday.
- Asian markets rebounded after recent declines, notably South Korea’s Kospi rising 5.8%, driven by significant gains in chipmakers Samsung Electronics and SK Hynix, while Japan’s Nikkei and Hong Kong’s Hang Seng also advanced.
- U.S. job growth slowed in June with 57,000 jobs added, below expectations, which may ease inflation pressures and reduce the Federal Reserve’s need for aggressive interest rate hikes, potentially benefiting investors.
- Shares of major chipmakers like Micron Technology, Nvidia, and Lam Research declined due to concerns over inflated valuations amid the AI boom and uncertain returns on chip and data center investments.
- Cryptocurrency-related stocks rose alongside a modest increase in bitcoin’s price, reflecting renewed investor interest after bitcoin’s recent near-year low.
