It was a shortened week, with labor market data driving much of the market narrative. Job openings were largely unchanged in May, while the U.S. added just 57,000 jobs in June. The unemployment rate fell to 4.2% as fewer workers exited the labor force. However, Leisure & Hospitality, a key indicator of discretionary consumer spending, lost 61,000 jobs. Semiconductor stocks weakened after a social media company announced plans to lease excess AI data center capacity, raising concerns about potential oversupply.