By Heard Editors

What Happened in Markets Today

Big tech leads gains. The S&P 500 and Nasdaq both notched solid gains for Wednesday, led by a pickup in tech stocks. Apple and Nvidia-both valued at more than $3 trillion-jumped more than 2% during the day. The Dow slipped about 10 points by the close, though.

Employment drops. About 33,000 private-sector U.S. jobs were lost in June, according to the latest ADP report. That was a big surprise for the economists who were expecting growth of 100,000 positions, and it comes ahead of Thursday's release of official jobs data.

Speaking of job cuts, Microsoft is laying off about 9,000 workers, bringing total reductions to 15,000 over the past two months. Microsoft's stock slipped a fraction on Wednesday.

Tesla doesn't deliver. The electric-vehicle maker reported a 13.5% drop in deliveries for the second quarter, in its worst decline on record. But that was in line with what analysts already expected, and Tesla's stock had already slid 14% over the past week. The shares thus jumped 5% on Wednesday.

This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.

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(END) Dow Jones Newswires

July 02, 2025 17:03 ET (21:03 GMT)

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