What Happened Last Week | July 7, 2025

The S&P 500 Index gained 1.72 percent.

The Nasdaq Composite Index gained 1.62 percent.

The Dow Jones Industrial Average gained 2.30 percent.^1,2

Trade Developments Pushed Major Indices Higher

Stocks continued their momentum from the prior week's records following Canada's rescinding of its digital services tax, rising on optimism as investors waited for more news on trade.³

The S&P 500 and Nasdaq took a breather on July’s first trading day, while the Dow Industrials posted a modest gain. Stocks rallied after the news of the trade deal with Vietnam, moving past the latest ADP employment report, which showed reduced jobs last month for the first time in two years.⁴

In response to the ADP report, a better-than-expected June jobs report from the Bureau of Labor Statistics gave stocks another boost, reassuring investors that the U.S. economy was weathering trade and geopolitical shocks. The S&P and Dow hit record highs as the short trading week ended.⁵

June's Mostly Positive Jobs Report

The labor report for June had a few points for investors to cheer. First, employers added 147,000 jobs in June—that was 37,000 higher than economists were expecting. Unemployment ticked down to 4.1 percent from 4.2 percent. Previously reported job gains from April and May were revised upward by 16,000.⁶

Still, companies are in a “no hire, no fire” mode as they wait to see how trade policy impacts the economy. Caveats to the headline numbers: most gains were seen in government and healthcare. Several other sectors, including manufacturing and professional services, were flat or diminished.⁶

The takeaway: good news overall, but uncertainty still lingers beneath the employment surface.

Economic Data To Watch

Tuesday: NFIB Small Business Optimism Index. Consumer Credit.

Wednesday: Wholesale Inventories. 10-Year Treasury Note Auction. June Fed Meeting Minutes.

Thursday: Weekly Jobless Claims. St. Louis Fed President Alberto Musalem and San Francisco Fed President Mary Daly speak.

Friday: Federal Budget.

^{Source: Investors Business Daily - Econoday economic calendar; July 3, 2025
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.}

Upcoming Earnings Reports

No major companies reporting this week.

^{Source: Zacks, July 3, 2025. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.}

Footnotes and Sources

^{1. WSJ.com, July 3, 2025}

^{2. Investing.com, July 3, 2025}

^{3. CNBC.com, June 30, 2025}

^{4. WSJ.com, July 2, 2025}

^{5. CNBC.com, July 3, 2025}

^{6. WSJ.com, July 3, 2025}

Source: YCharts.com, July 5, 2025. Weekly performance is measured from Friday, June 27, to Thursday, July 3. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.