By Heard on the Street Staff

This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.

What Happened in Markets Today

Job growth cooled in June. American employers added 57,000 new jobs last month, the Labor Department said Thursday. That was down from 129,000 in May and below economists' expectations for a gain of 115,000 jobs. Investors pared back bets on Fed rate hikes later this year in response.

Chip stocks tumbled for a second day. The PHLX Semiconductor index fell 5.4%. Memory stocks were particularly hard hit, with Sandisk falling 14.1% and Samsung Electronics declining 9.1% overnight. Other big tech companies fell as well, with Tesla down 7.5% and Meta falling 4.9%. The Nasdaq ended the day down 0.8%.

Rivian rallied. The EV maker delivered 12,194 vehicles in the second quarter, besting its guidance in what's been a bruising year for EVs in the U.S. The company had predicted deliveries of 9,000 to 11,000 for the quarter. It delivered 10,661 vehicles in the second quarter a year ago. The stock gained 8.4%.

Blue Owl saw high but slightly improved redemptions. Investors in two of Blue Owl Capital's flagship private-credit funds asked the firm to return $4.7 billion of their money in the second quarter, down from $5.4 billion the previous quarter. That still amounted to 19% of shares outstanding in the firm's largest private-credit fund, and 38% of its technology-focused fund. Shares in the parent company rose 4.6%.

Markets at a Glance

One Big Story

Morten Christensen made a big bet on digital tokens sold by the Trump family's World Liberty Financial last year, hoping that a surge in value might be enough to help him retire.

Instead, the value of those tokens tanked. While Christensen and many like him lost big, the president made a fortune, netting $800 million from that crypto project, according to a financial disclosure he filed this week.

What's Coming Up

  • Markets will take a break on Friday for the July 4 holiday, as will this newsletter.

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About Us

Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Aaron Back, Editor of Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.