The Nasdaq ended lower on Thursday as technology stocks fell, while a softer-than-expected U.S. jobs report eased concerns that the Federal Reserve may soon be prompted to raise interest rates.

The Dow ended higher, logging its fourth straight weekly gain, its longest streak since October 2024. The US market will be closed on Friday in observance of the US Independence Day holiday.

The semiconductors index fell sharply for the second day, and technology was the biggest sector loser in the S&P 500.

Investors may be taking profits in chip stocks following this year’s strong gains, said Bruce Zarrow, managing director of Granite Wealth Management in Plymouth, Massachusetts. “You can really point to aggregation in the chips,” he said.

Shares of Tesla also fell sharply despite the electric car maker posting second-quarter deliveries above estimates. Tesla shares rose sharply ahead of the report this week.

The US nonfarm payrolls report showed the economy added 57,000 jobs last month, well below economists’ estimates for an increase of 110,000. The unemployment rate was 4.2%, with expectations of 4.3%.

According to preliminary data, the S&P 500 closed down 1.53 points, or 0.06%, at 7,478.66 points, while the Nasdaq Composite lost 226.28 points, or 0.87%, at 25,813.75. The Dow Jones Industrial Average rose 560.00 points, or 1.10%, to 52,865.24.

The employment report follows a recent run of strong job gains. According to CME FedWatch, expectations for a rate hike from the Fed fell after the report. For the September meeting, growth expectations fell to 55% from 64.1%.

Adam Sarhan, chief executive of 50 Park Investments in New York, said the jobs report did not mean inflation fears were over. “Relieves the Fed’s Pressure to Raise Rates in the Short Term.”

Investors are concerned about inflation, especially because of the sharp gains in oil prices linked to the Middle East war. On Thursday, oil prices fell after mediator Qatar said Iran and the US made progress in talks on ending the war.

Among other declines in stocks, Bending Spoons fell a day after Vimeo’s owner surged 40% on the Nasdaq.