House Select Committee on the CCP

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MIB Weekly: The Fed Talked Tough, the Jobs Data Called Its Bluff — Rotate Out of Memory Chips as Dow Hits 52,900

By RecessionALERT on July 2, 2026 in Reflections

The S&P 500 gained 1.76% this holiday-shortened week as the Dow notched three fresh records, but a violent AI-infrastructure whipsaw defined the tape: Monday’s snapback reversed into a two-day global semiconductor rout after Meta’s AI-cloud pivot (META +8.85% then -4.90%) triggered a KOSPI circuit breaker. The bigger story was labor: June nonfarm payrolls badly missed at 57K vs. 115K consensus, forcing markets to price out a near-term Fed hike even as Fed officials talked tough on inflation days earlier.

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