US Economy Added Just 57,000 Jobs in June as Hiring Slowed Sharply

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In Today's Note

• NFP came in at just 57K vs 115K expected with 74K in prior revisions, Dow hit a record high (+1.14%) but Nasdaq-100 fell 1.61% as the semiconductor rout continued, 2Y yields dropped to 4.11% and gold rose to ~$4,180/oz, BTC rallied above $62K and ETH past $1,700.
• Ondo Finance launched tokenized BlackRock IVV and Micron stock on Ethereum, Securitize began NYSE trading under SECZ as the first stock to debut simultaneously on a traditional exchange and onchain, and Bitget launched US stock options trading.

Market Snapshot: Overnight Moves

Macro & Markets

• A weaker-than-expected June non-farm payrolls report and another day of sharp selloffs in tech stocks resulted in a mixed ending to the trading day for risky assets.
• The Dow Jones Industrial Average rose 1.14% to reach a new record-high, and while most shares in the S&P 500 rose, the index ended the day little changed as a rout in semiconductor stocks continued.
• The Philadelphia Semiconductor Sector Index is down more than 11% since Tuesday this week, while shares in Nvidia, Intel, AMD and Broadcom all faced another day of heavy selling.
• The tech heavy Nasdaq-100 ended the day down 1.61%.

• The US economy added 57,000 jobs in the month of June as hiring slowed down sharply. Market expectations were for nonfarm payrolls to increase by 115,000.
• The prior two months of job gains were also heavily revised down, with the report showing the economy created 74,000 fewer jobs in April and May than initially reported.
• The fewer-than-expected jobs in June was led by a 61,000 drop in leisure and hospitality employment, the most since December 2020, which according to the BLS reflected “weaker than usual seasonal hiring”.
• Many economists had expected this sector to drive an increase in employment due to the FIFA World Cup jointly hosted by the US, Canada and Mexico.
• The unemployment rate fell to 4.2%, though that was largely a byproduct of 720,000 Americans leaving the labour force, which pushed down the participation rate to the lowest level in more than five years.

• Two-year US treasury yields fell sharply following the report from 4.18% to 4.11% as traders eased their probabilities of the likelihood of a near-term interest rate hike from the Fed.
• Last week, Fed funds futures implied a 29.9% probability of a 25bps rate hike in the July meeting, that has now eased to 17.6%, with a 82.4% probability the Fed stays paused for a fifth meeting.
• Gold prices rose for a third day as markets priced out some of their hawkishness and are currently trading just below $4,180 per ounce.

• Sentiment in crypto markets was supported by that macro backdrop. BTC spent most of the day trading above $60K, briefly surpassing $62K while ETH rallied above $1,700 before meeting resistance.
• Spot Bitcoin ETFs finally showed meaningful demand after days of outflows.
• Between mid-May and early June, spot Bitcoin ETFs recorded their longest outflow streak on record. Those outflows were broken up by a few days of minimal net buying before another streak of outflows from 17 June to 1 July.
• Yesterday however, the products purchased $223.5M worth of bitcoin, the largest single-day purchase since 5 May 2026, almost two months ago.

DeFi / Web3 / Altcoins / Crypto

• Crypto exchange Bitget has launched U.S. stock options trading for eligible users, expanding its Stock+ platform beyond tokenized stocks and pre-IPO market access.
• The initial rollout supports long call and long put options, allowing users to take directional exposure to U.S. stocks or manage downside risk, with losses limited to the premium paid.
• Bitget CEO Gracy Chen said the launch is part of the exchange’s push to converge crypto and traditional markets, while more advanced multi-leg options strategies are planned for future updates.

• Ondo Finance, a real-world asset tokenization platform, launched tokenized versions of BlackRock’s iShares Core S&P 500 ETF (IVV) and Micron stock (MU) on Ethereum under the third-party custodial framework described by the SEC in January.
• Under the model, the underlying U.S.-listed securities remain in the traditional custody system, while Oasis Pro TA, Ondo’s SEC-registered transfer agent subsidiary, mints 1:1-backed tokens held by regulated custodians.
• Ondo said token holders receive traditional shareholder rights and protections, including issuer communications and onchain proxy voting through Broadridge’s ProxyVote.com platform, while transfer restrictions are enforced by participating broker-dealers, transfer agents and custodians.

• Securitize, a tokenization platform for issuing and managing tokenized real-world assets, began trading on the NYSE under SECZ on July 2, 2026, after completing its merger with Cantor Equity Partners II, while also launching tokenized versions of its shares on Solana and Avalanche.
• Securitize said SECZ is the first stock to debut simultaneously on a traditional exchange and onchain, with the tokenized shares designed to enable broader global access, 24/7 trading, voting rights and dividend entitlements.

• eToro, a retail trading and investing platform, led a $12.5M strategic investment in Extended, an onchain perpetual futures exchange.
• The investment is tied to a new partnership between Extended and Zengo, a self-custody wallet acquired by eToro earlier this year, with the companies planning to connect Zengo’s wallet technology to Extended’s onchain trading infrastructure.
• The partnership is aimed at giving users broader access to global financial markets through decentralized trading tools.

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