By Anvee Bhutani

U.S. stocks were mixed Thursday to end the holiday shortened week after June hiring data came in well below expectations and prompted investors to dial back bets on a Federal Reserve interest-rate increase this month.

The Dow Jones Industrial Average rose 594.83 points, or 1.14%, to 52900.07. The S&P 500 was little changed at 7483.24, while the Nasdaq Composite dropped 207.36 points, or 0.80%, to 25832.67. According to preliminary data, there were 1667 advancing issues and 1057 declining issues on the NYSE.

The Labor Department said the economy added 57,000 jobs in June, roughly half the 115,000 that economists polled by The Wall Street Journal had expected and short of the downwardly revised figure of 129,000 in May. It marked the end of a three-month streak of job growth above 100,000.

The unemployment rate ticked down to 4.2% from 4.3%, though economists cautioned the decline largely reflected people leaving the labor force rather than a strengthening job market; the labor-force participation rate fell to 61.5%, its lowest level since early 2021.

Traders pared bets on a rate increase at the Fed's July meeting, bringing down the odds to roughly 20%, according to CME Group. The probability of higher rates by year-end slipped to about 78%.

A slide in Asian memory-chip makers along with a Bloomberg report on Meta Platforms building a cloud business weighed on technology shares. The PHLX Semiconductor Index dropped 5.4%.

SK Hynix and Samsung Electronics dropped, dragging down South Korea's Kospi and Japan's Nikkei 225. Kioxia, which has become Japan's highest-valued company on the back of the memory-chip boom, tumbled. Meta's plan to sell excess AI computing power stoked concerns that tech companies have overbuilt data-center capacity.

Tesla shares fell 7.5%, their worst day in almost a year, even after the electric-vehicle maker said second-quarter global deliveries rose 24.9% from a year earlier. Rivian Automotive gained 8.4%, the most in more than three months, after the company beat its guidance and raised its full-year delivery forecast.

Elsewhere, Strategy rose 7.9% as the bitcoin-focused company's turnaround plan continued to lift shares. Blue Owl Capital gained 4.6% even after investors sought to withdraw $4.7 billion from two of the firm's flagship funds in the second quarter. Bending Spoons fell 11%, giving back some of its gains from its Nasdaq debut a day earlier. Alphabet shares fell 0.5% after the European Union's top court upheld a $4.69 billion fine against Google in connection with its Android operating system.

Sandwich chain Jersey Mike's posted an increased profit ahead of its proposed initial public offering. Tokenization firm Securitize rose 4.4% in its New York Stock Exchange debut.

Oil prices slipped for the week. WTI crude fell 54 cents, or 0.78%, to $68.69 a barrel. Ship-tracking company Kpler said daily traffic through the Strait of Hormuz has stabilized at between 30 and 60 crossings over the past week, after attacks on two vessels over the weekend renewed shipping concerns. Iran continues to assert it has exclusive authority over traffic through the strait, while U.S. forces said in a radio message to mariners that no nation has the authority to close or control it.

The yen strengthened to 161.14 against the dollar amid expectations of possible intervention by Japanese authorities to defend the currency, which touched 40-year lows earlier this week.

Yields on U.S. Treasury bonds were mixed. The 10-year yield rose to 0.003 percentage point to 4.477%. The US Dollar Index weakened by 0.5 percentage point. The euro was last seen at $1.14. Gold rose 1.09% to $4112.70 per troy ounce.

U.S. markets are closed Friday in observance of Independence Day.

Write to Anvee Bhutani at anvee.bhutani@wsj.com