June's jobs number came in at half the estimate, and the first thing markets did was start walking back a rate hike. The chip selloff found a second gear.

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The 2-year Treasury yield fell on the 57,000 June jobs print, half the 115,000 expected, with Janus Henderson noting soft labor data likely keeps the Fed on hold through at least the next meeting.

Samsung and SK Hynix, which together account for more than 50% of South Korea’s Kospi, fell 9% and 14% respectively before circuit breakers kicked in; the index closed down 7.9%, its worst session since early June.

The memory ETF DRAM is tracking a 15% weekly loss, its worst since the fund launched in April. Brent crude is closing in on $70 per barrel for the first time since before the Iran war, as Trump said Qatar negotiations were going well.

JPMorgan published a note Thursday morning saying it would prefer Meta focus on its own AI products rather than renting out cloud capacity — adding a second chapter to Wednesday’s neocloud selloff.

The U.S. added just 57,000 jobs in June, roughly half the 115,000 economists expected and down sharply from May's 129,000. The unemployment rate dipped to 4.2% from 4.3%, though largely because the labor force shrank rather than because hiring picked up.

Markets immediately repriced Fed expectations, with odds of a July rate hike dropping to roughly 1 in 5 from 1 in 3 before the report.

Fed Chair Kevin Warsh has been clear that inflation is the binding concern, not employment, meaning one soft payroll print is unlikely to shift the policy debate significantly.

Still, analysts at ClearBridge and Glenmede both noted the cooler print takes near-term pressure off the Fed to hike, with the six-month private-sector hiring average of 88,000 still near its best run rate in two years once the monthly noise is stripped out.

The semiconductor selloff deepened, with the Roundhill Memory ETF on pace for its worst week since its inception, down nearly 15%. Micron fell another 3-4%, bringing its two-day loss to more than 12%. SanDisk dropped over 11%, adding to a two-day decline that now exceeds 20%.

South Korea's Kospi plunged nearly 8% — its worst session since June 8 — with SK Hynix falling 14.57% and Samsung dropping 9%, as the Wall Street chip rout spread aggressively through Asian markets overnight.

The Meta cloud report rekindled fears that hyperscalers have overbuilt AI compute capacity, with Jefferies' chief European economist Mohit Kumar pointing to that as the proximate cause of the chip slide.

Wells Fargo Investment Institute's Darrell Cronk called the pullback a healthy reset rather than a structural break, noting the market is shifting from a "build at any cost" narrative to a "prove the ROI" one.

Savvy Wealth CIO Anshul Sharma framed it similarly, flagging that cost-of-compute sensitivity could become the next area of scrutiny for the AI trade.

Tesla delivered 480,126 vehicles globally in Q2, up nearly 25% year over year and well above the Wall Street estimate of 406,600. Shares initially rose on the news before reversing sharply, falling more than 7% during the session.

The stock had already rallied more than 13% in the four days leading into the report, leaving little room for upside surprise even on a significant beat.

Rivian delivered 12,194 vehicles in Q2, beating its own guidance range of 9,000 to 11,000 and topping the 10,661 it delivered in the same period a year ago.

The company raised its full-year forecast to 65,000 to 70,000 units, and shares jumped more than 9%. Separately, BYD reported 403,472 vehicle sales in June, up 5.46% year over year, positioning it to potentially retake Tesla in fully electric deliveries for the quarter.

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Europe's top court, the European Court of Justice, upheld a 4.1 billion euro fine originally imposed on Google in 2018 for using Android's dominance to give its own apps an unfair advantage through pre-installation deals with smartphone makers.

The ruling ends a years-long appeals process. Alphabet shares fell roughly 1.5% on the news.

The Treasury Department revealed the investment menu for Trump Accounts, tax-advantaged accounts for children under 18 set to launch on July 4.

Babies born between 2025 and 2028 receive $1,000 in seed money after a parent opens an account, with families able to contribute up to $5,000 annually.

At launch, all contributions default to the State Street SPDR Portfolio S&P 500 ETF, with four additional broad-market index ETFs also available.

Brent crude fell below $71 a barrel, on pace for its fourth consecutive weekly decline and its worst quarterly performance since 2020, having dropped nearly 40% over the past three months.

WTI slipped toward $68, hitting its lowest level since before the U.S. attacked Iran. The decline came as Trump told reporters that denuclearization talks with Iran in Qatar were going well, further easing the war premium that had been priced into crude.

Daily vessel crossings through the Strait of Hormuz have settled into a range of 30 to 60 per day, averaging around 40 this week, according to ship-tracking firm Kpler.

The recovery follows a dip after weekend attacks on a cargo ship and an oil tanker. However, a jurisdictional dispute is creating ongoing uncertainty: Iran continues to assert exclusive rights to manage Hormuz traffic, while U.S. forces broadcast radio messages to mariners stating that no nation has the authority to close or control the strait.

ClearOne [CLRO] $6.48 (+101.24%)

ClearOne, an audio conferencing equipment company, announced a definitive merger agreement with Cortigent — the brain-computer interface and neurostimulation subsidiary of Vivani Medical.

The deal also includes a $10-15 million concurrent financing. When an $8.6 million audio hardware company merges with a neural implant startup, the market rerates the combined entity fast.

SL Science Holding [SLBT] $5.99 (+34.61%)

SL Science Holding is a consumer products and cross-border ecommerce platform catching a tailwind from softer jobs data and the resulting rate-relief rotation into consumer names.

Volume at 2.42x average on a session where defensive spending stocks were generally bid confirms the sector flow is real — the company is just one of the names it lifted.

Polibeli Group [PLBL] $10.26 (+18.20%)

Polibeli is a Singapore-based retail trade platform running at 3x relative volume as consumer cyclicals benefit from rate-hike fears easing on the jobs miss.

At a $3.87 billion market cap, this is the kind of name institutional traders reach for when they want consumer exposure and the macro story cooperates.

Sadot Group [SDOT] $50.55 (-29.79%)

Sadot peaked at $72.88 on Wednesday after more than doubling in two sessions, and is now giving those gains back on no new catalyst.

A food trading company with a $38 million market cap does not sustain triple-digit moves — yesterday was the sprint, today is the retracement. Momentum in, momentum out.

Julong Holding [JLHL] $7.33 (-33.90%)

Julong, a Chinese commercial services name, has moved more than 40% in both directions over the past three weeks.

Today’s 33% reversal follows a multi-session run that the business itself cannot explain. Thin float, thin thesis, predictable volatility.

Arteris [AIP] $35.06 (-19.97%)

Arteris designs the chip interconnect IP that goes inside automotive and IoT processors — which makes it directly correlated to the chip sector’s worst week in months.

The drop is attributed to broader market fluctuations and investor reactions to the company's recent performance metrics.  The VanEck Semiconductor ETF fell 5.2% Thursday. In a chip rout this broad, proximity to semiconductors is the whole explanation.

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That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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