A gauge of stocks across the world dipped on Thursday, weighed down by semiconductor shares, while the dollar fell as weak U.S. payrolls data eased bets that the U.S. Federal Reserve will raise interest rates by the end of the year.

In South Korea, the KOSPI index tumbled nearly 8% as Meta Platforms’ plan to sell computing power raised questions over excess AI capacity. A U.S. index of semiconductor shares dropped more than 6%. European stocks rose, boosted partly by the expectation of fewer rate hikes.

U.S. data showed job growth slowed more than expected in June while payroll gains for the prior two months were revised lower, pointing to a cooling labor market and dialing back expectations for a near-term interest rate hike from the Fed. Some 57,000 jobs were added last month, versus an expectation of 110,000.

The U.S. central bank “has been talking tough on inflation, and a stronger labor market would have only raised the temperature,” said eToro U.S. investment analyst  Bret Kenwell. “Today’s report doesn’t scream labor-market trouble, but it does cool the narrative a bit.”

The dollar index, which measures the greenback against a basket of peer currencies, fell 0.52% — the most in two months — to 100.87, with the euro up 0.47% at $1.143. Against the Japanese yen, the dollar weakened 0.91% to 161.08.

Emerging market currencies also strengthened versus the dollar, up 0.3% on the day.

Oil prices were little changed, with traders eyeing progress in talks between Iran and the U.S. over ending the four-month war that shut shipping through the Strait of Hormuz.

U.S. crude rose 0.06% to $68.62 a barrel and Brent rose to $71.65 per barrel, up 0.11% on the day.

In equity markets, the chipmakers’ pullback weighed on indexes with the S&P 500 falling 32.26 points, or 0.44%, to 7,450.97 while the Nasdaq Composite fell 309.35 points, or 1.19%, to 25,730.69. The Dow Jones Industrial Average rose 291.82 points, or 0.56%, to 52,597.06. Meta Platforms fell more than 4%.

MSCI’s gauge of stocks across the globe fell 2.44 points, or 0.22%, to 1,115.51. The pan-European STOXX 600 index rose 1.41%, while emerging market stocks fell 33.61 points, or 1.95%, to 1,688.32.

Spot gold rose 2.21% to $4,118.79 an ounce and spot silver rose 2.54% to $60.64 an ounce, partly supported by the dollar’s weakness.

U.S. markets will be closed on Friday to observe the Independence Day holiday, which falls on Saturday.

(Reporting by Rodrigo Campos; Additional reporting by Karen Brettell, Caroline Valetkevitch, Niket Nishant and Avinash P; Editing by Nick Zieminski and Edmund Klamann)