Live Nasdaq Composite: Markets Retreat as Economic Cracks Begin to Show

By Gerelyn Terzo Updated Jul 2, 1:09PM EDT · Published Jul 2, 9:52AM EDT

Key Points

The markets came out of the gate under pressure amid plunging payrolls in the private sector. This data doesn’t bode well for tomorrow’s big June jobs report.
Tech stocks have made their way into positive territory, but will it hold?

Live Updates

Market Gainers

Jul 2, 2025 at 1:08 PM EDT | Gerelyn Terzo

Coinbase Global (Nasdaq: COIN | COIN Price Prediction) is gaining 5.1% on the heels of its acquisition of Liquify, a token management platform.

Constellation Brands (NYSE: STZ) is similarly tacking on 5.1% today despite expectations for a $20 million hit from aluminum tariff impacts.

Chemicals company Albemarle (NYSE: ALB) is gaining 7% today.

Southeast Asia Trade Agreement

Jul 2, 2025 at 11:14 AM EDT | Gerelyn Terzo

The broader markets have turned higher in response to the latest U.S. trade agreement, this one reached with Vietnam. President Trump announced the development, detailing a 20% tariff on Vietnam’s imports to the U.S., paving the way for total access to the Southeast Asian nation’s markets at a zero-tariff status. The S&P 500 has turned higher with a 0.18% increase while the Nasdaq Composite is holding onto earlier gains.

Tomorrow's Big Jobs Report

Jul 2, 2025 at 9:59 AM EDT | Gerelyn Terzo

The big daddy of jobs data is due out tomorrow, the June employment report. Wells Fargo economists warn the labor market has been losing altitude, writing in a report: “We expect the moderation in hiring to continue and look for nonfarm payrolls to rise 115K in June.” They predict the unemployment rate could inch higher from 4.2% in May to 4.3% in June, or it could stay the same for another month.

The Nasdaq Composite is now up 0.23%.

This article will be updated throughout the day, so check back often for more daily updates.

Today’s jobs data is a sign that cracks are emerging in the economy, initially causing the recent stock market rally to hit the skids. The private sector shed a whopping 33,000 jobs last month, according to ADP data, while economists had been calling for the economy to add 10,000 jobs. Worse, private payrolls haven’t shrunk since 2023, injecting greater uncertainty around the big jobs report due out tomorrow in this holiday-shortened week. While the major stock market averages were all under pressure, they have come off their worst levels of the session. The Nasdaq Composite has turned positive, and the S&P 500 isn’t too far behind.

Big Tech stocks are making headlines even as Nvidia (Nasdaq: NVDA) and Microsoft (Nasdaq: MSFT) continue to jockey for position as the No. 1 most valuable company in the world based on market capitalization. Most recently, AI-obsessed Microsoft reportedly plans to reduce its workforce by approximately 9,000 jobs, which reflects less than 4% of its total staff.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Down 89.39 (-0.20%)
Nasdaq Composite: Up 12.60 (+0.08%)
S&P 500: Down 5.95 (-0.10%)

Market Movers

Tesla (Nasdaq: TSLA) is resiliently gaining 2.4% after the company revealed a precipitous 14% drop in EV deliveries compared with year-ago levels. The stock has lost 6.2% over the past five-day stretch.

Chip supplier Wolfspeed (NYSE: WOLF) is extending its rally and is rising another 80% today on its recent restructuring development.

With the passage of the White House’s spending bill, including Medicaid cuts, healthcare stocks are capturing the spotlight. UnitedHealth Group (NYSE: UNH) is a standout, gaining 2.4%. Meanwhile, health insurer peer Centene (NYSE: CNC) is headed in the opposite direction, falling 35.2% on a series of setbacks that caused the company to withdraw its 2025 guidance. Oscar Health (NYSE: OSCR) is falling 13%.

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About the Author Gerelyn Terzo →

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.