Wall Street Soars to New Heights: S&P 500 and Dow Jones Surge Amid Stellar Jobs Report

Boom! The S&P 500 just smashed through the roof to a record high, and the Dow Jones Industrial Average kicked off Thursday, July 3, with a bang as U.S. stocks rocketed up, riding the wave of killer jobs data.

Investors chowed down on the non-farm payrolls report like it was their last meal, and the Dow popped open more than 100 points higher. The S&P 500 and Nasdaq Composite didn't want to be left out, both hitting fresh all-time highs and soaring to the moon.

In early trading, the S&P 500 was up nearly 0.5%, while the Nasdaq Composite flexed with a 0.6% gain. The momentum was already heating up in the futures market, where the S&P 500 was hanging out near its previous record. The Dow, currently trading at 44,782, is now just a hop, skip, and a jump away from hitting the 45,000 mark. Talk about a wild ride from just 38,000 back in April!

And guess what? As stocks were popping off, Bitcoin (BTC) decided to join the party, leading the crypto market on a thrilling ride higher.

U.S. added 147,000 jobs in June

The Bureau of Labor Statistics dropped a bombshell: non-farm payrolls skyrocketed by 147,000 in June, blowing past the economists' measly predictions of 106,000. The report showed the biggest job gains were in state government and healthcare, while the federal government was still shedding jobs like a dog in summer.

The unemployment rate pulled a surprise move too, dropping to 4.1% instead of the expected rise to 4.3%. Take that, forecasts!

Remember May? The U.S. economy added 144,000 jobs, a nice upward tweak from the previously reported 139,000. Back then, the unemployment rate stayed chill at 4.2%.

This latest nonfarm payrolls report on July 3, 2025, comes hot on the heels of ADP’s data from the day before, which showed private payrolls took a 33,000 nosedive in June.

Bets on rate cut falls

With the payrolls report setting the stage, the hype for a Federal Reserve rate cut in July took a nosedive. The CME FedWatch Tool now shows the market's only giving a 5% chance. Just a day ago, the bets were sitting pretty at 24%.

Yeah, the jobs report lit a fire under equities, but investors are still tiptoeing around, keeping one eye on President Donald Trump’s tax bill. The U.S. Senate just passed the mega budget bill on July 1, and it's now waiting for a final vote after the Republican-controlled House gave it the green light.

Get ready for a short week, folks. July 4 is Independence Day, and U.S. markets are taking a breather. Before the full stock market closure on Friday, the New York Stock Exchange and the Nasdaq will shut down early at 1 p.m. ET on Thursday. Time to kick back and enjoy the fireworks!