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Blowout Jobs Report Lifts S&P 500 and Nasdaq to Record Closes
Stock market closing data for the week of June 30th to July 4th, 2025
U.S. stocks surged Thursday, with the S&P 500 and Nasdaq Composite closing at fresh record highs after a strong jobs report eased recession fears.
Nonfarm payrolls increased by 147,000 in June, beating expectations of 110,000, while the unemployment rate dropped to 4.1% instead of rising to 4.3% as forecasted. The data reduced hopes for a Federal Reserve rate cut soon, with traders now expecting rates to stay steady in July.
The upbeat report calmed fears sparked by ADP data showing a drop in private payrolls earlier this week. Meanwhile, investors are watching progress on Trump’s tax bill and trade deals, including a new U.S.-Vietnam agreement.
Despite looming tariff risks, market optimism remains strong. The S&P 500 and Nasdaq ended the week up 2.1% and 1.9%, while the Dow gained 3%, closing out the holiday-shortened week on a high note.
News Summaries
Apple, Alphabet, and Tesla Drag S&P 500 Despite Rally
Apple (AAPL), Alphabet (GOOGL), and Tesla (TSLA) have become major drags on the S&P 500 in 2025, despite an overall market rally.
This year, Apple’s shares have fallen 14% due to tariff concerns and delays in advancing AI features. Alphabet is down 6% amid fears that AI chatbots could eat into its core Google search revenue. Tesla has slipped 17% as electric vehicle sales weaken.
Meanwhile, Microsoft (MSFT), Nvidia (NVDA), and Meta (META) have each risen at least 16% this year, driving most of the S&P 500’s gains through strong adoption of AI technologies. Nvidia has benefited from rising demand for computing infrastructure, while Meta has successfully integrated AI to boost revenue.
Despite a broader market rally, analysts caution that if major players like Apple continue to struggle, the overall index will find it difficult to maintain momentum. The Magnificent Seven stocks still represent about a third of the S&P 500’s weight, highlighting their significant influence.
Netflix and Spotify’s Bold Music Push: Live Concerts, Awards, and More
Netflix (NFLX), known for transforming TV with on-demand shows and movies, is now moving closer to the traditional cable bundle model. The company is developing more live and unscripted content to attract diverse audiences.
Netflix has held talks with Spotify (SPOT) about projects like a music awards show or live concert series. It is also reviving the classic talent show “Star Search” and launching “Building the Band” next week. The new music competition, hosted by AJ McLean, will feature musicians forming bands without seeing each other until rehearsal, merging ideas from “Love Is Blind” and “The Voice.”
To grow its advertising-supported tier, Netflix is investing in family-friendly and globally appealing content. Other projects include a trivia game show hosted by Neil Patrick Harris, widely known for playing Barney Stinson in “How I Met Your Mother,” and a pilot with the Daily Beast focused on quick-turnaround news stories.
Executives stress that live programming will only be pursued when it adds value. Some future finales may incorporate live elements, as Netflix balances innovation with reliable streaming experiences.
Microsoft Slashes Xbox Jobs, Cancels Big Games to Chase Profits
Microsoft’s gaming division is laying off hundreds of employees as part of a larger company-wide effort to reduce costs and streamline operations. The cuts affected multiple subsidiaries, including Stockholm-based King, which is cutting 10% of its staff (around 200 jobs), and European units like ZeniMax.
Several prominent studios, including Raven Software, Sledgehammer Games, and Turn 10 Studios, also announced layoffs. Microsoft canceled multiple high-profile projects, including Everwild from Rare Studio, a new online game from ZeniMax Online Studios, and the reboot of Perfect Dark. The Initiative studio behind Perfect Dark will be shut down.
Xbox Game Studios head Matt Booty stated that these changes reflect a push to focus resources on key priorities and prepare teams for long-term success.
Overall, Microsoft is cutting 9,000 jobs across the company, following a previous round of 6,000 cuts in May. The gaming division, under pressure since the $69 billion Activision Blizzard acquisition, aims to improve profit margins and prioritize strategic growth opportunities, according to CEO Phil Spencer.
Figma’s IPO Comeback: A Lifeline for Starved VC Investors
When Figma announced its plan to go public on the New York Stock Exchange this week, it felt like a rare moment of optimism for tech IPOs. CEO Dylan Field highlighted benefits such as brand visibility, liquidity, and access to capital, as Figma turned to public markets after its Adobe sale was blocked by regulators.
This move has excited bankers and venture investors eager for exits. In the second quarter, venture exits jumped to $67.7 billion, the highest since 2021 and up from $38.5 billion last year. Despite this rebound, exits remain far below their 2021 peak of $917 billion, leaving much private capital still locked up.
The private market remains strong, with unicorns valued between $3.5 trillion and $6 trillion. Companies like OpenAI, which raised $40 billion privately, show why many still avoid IPOs.
However, recent “down-round IPOs,” like Chime’s, hint at changing sentiment as firms accept lower valuations. Combined with new strategies such as roll-ups, this could slowly revive real investor returns — though paper profits still dominate the venture world today.
From the World of Crypto
BlackRock’s Bitcoin ETF (IBIT) > Core S&P 500 ETF (IVV)
BlackRock’s iShares Bitcoin ETF (IBIT) has surpassed its own flagship S&P 500 ETF (IVV) in annual revenue, marking a major milestone for crypto’s acceptance among large investors.
IBIT, which manages $75 billion, is expected to generate $187 million per year through its 0.25 percent fee. By comparison, IVV holds a huge $624 billion but charges only 0.03 percent, resulting in slightly lower total revenue despite its size.
This revenue gap highlights a big shift in investor behavior. Institutions are showing they are ready to pay higher fees for secure, regulated Bitcoin exposure, especially when backed by a trusted name like BlackRock.
While traditional stock ETFs have become low-margin, price-driven products, crypto ETFs still command premium fees. IBIT’s rapid asset growth shows that investors are no longer waiting for the crypto “future” as they see it as part of today’s mainstream investment landscape.
The trend makes one thing clear: Bitcoin is no longer just an alternative asset. It is becoming a core piece of institutional portfolios, and BlackRock is leading that charge.
Key headlines of the week
Lululemon Hits Costco With Copycat Suit | Lululemon accuses Costco of selling lookalike activewear that copies its signature designs. The lawsuit highlights Lululemon’s push to guard its brand against cheap rivals.
Wimbledon VIP Seats Deliver 121% Returns | Centre Court debentures are selling for over £200,000 (75% profit), and No. 1 Court seats rose 63% to £73,000. Some investors are scoring up to 121% returns by flipping tickets.
CFA Level II Pass Rate Rises to 54% | The May CFA Level II pass rate rose to 54%, above the decade average. First-time candidates had a 60% pass rate, while repeat takers saw 35%. The Level I pass rate stayed at 45%, also above its average.
