Wall Street Indexes Flatlined Ahead of June Nonfarm Payrolls Report

Barry Adams
02 Jul, 2026
New York City

U.S. stocks edged slightly lower in early trading as investors remained focused on high-flying tech stocks. 

The S&P 500 Index decreased 0.1%, and the tech-focused Nasdaq Composite declined 0.3% as investors debated future rate paths, labor market conditions, and energy-shock-driven inflation outlooks. 

Benchmark indexes are less than one percent down from record highs, and over the last month investors rotated into memory and electronic component makers from hyperscalers. 

Alphabet, Meta, and Microsoft are down between 7% and 10% over the last six weeks as investors focus on the shifting of their business model from asset-lite to heavy capex-driven.

The surging price of memory is pushing the cost of building expensive data centers even higher, forcing even the most profitable companies to seek external financing. 

Hyperscalers are looking to continue investing in expensive data centers at a breakneck speed, consuming all of their annual net income and raising additional capital through equity and debt offerings. 

Crude oil prices extended recent losses, and the commodity is set to close down for the fourth week in a row, as investors 

West Texas Intermediate crude oil futures for immediate-month delivery eased 1.8% to $67.45 a barrel, and international Brent crude decreased 1.4% to $70.44 a barrel. 

 

U.S. Movers 

Alphabet decreased 0.9% to $355.60, and the parent company of search engine Google lost its appeal against a record €4.1 billion fine over the competition rules in Europe. 

The European Court of Justice rejected Google's appeal against the European Commission's record penalty, accusing the company of abusing its dominant position in smartphone devices to give an unfair advantage to its own apps with pre-installation deals. 

Kioxia Holdings dropped 13.5% to ¥76,260.0 after the Japanese semiconductor maker postponed its U.S. public offering amid volatile market conditions. 

Kioxia, one of the world's largest flash memory and solid-state drive makers, was spun off from Toshiba in 2018 and operates in nine countries and regions. 

Kioxia reported consolidated revenue in fiscal 2026 ending in March of 2.4 trillion yen, or $14.5 billion, an annual increase of 37% driven by the artificial intelligence boom and strong demand for enterprise storage systems.