U.S. stocks pushed higher Monday, July 6, with the Dow Jones Industrial Average finishing at an all-time high as a rally in semiconductor shares carried the market into a new trading week. The gains came as President Donald Trump rang the opening bell from the Oval Office and formally launched his new Trump Accounts children’s savings program, using the moment to again point to record stock prices as proof his economic agenda is working. Falling oil prices and a rebound in Bitcoin added to the upbeat tone following the Independence Day weekend.
The Dow climbed 155.84 points, or 0.29%, to close at a record 53,055.91, marking its first close above 53,000 and setting another intraday high. The S&P 500 gained 0.72% to finish at 7,537.43, while the Nasdaq Composite advanced 1.12% to 26,121.16. The gains extended last week’s rally, when all three major indexes posted solid advances.
Market movers
Technology stocks once again led Wall Street higher.
The Technology Select Sector SPDR ETF rose nearly 2%, helped by a 7% jump in Western Digital and a 2.8% gain in Teradyne. AMD surged 6.6%, Broadcom climbed 3.7%, Intel added 1.5%, Apple gained 1.3%, and Micron Technology rose 0.9% as investors continued pouring money into companies tied to artificial intelligence and semiconductor manufacturing.
Nvidia edged higher after manufacturing partner Hon Hai Precision Industry (Foxconn) signaled that AI-related demand remains strong.
Analyst upgrades also fueled buying.
Morgan Stanley raised price targets on Lam Research, Applied Materials, and KLA Corporation, sending each stock higher. Meanwhile, Bank of America increased its price target on IBM to $330, citing stronger revenue expectations. IBM gained 3.4%, making it one of the Dow’s top performers.
Boeing led the Dow with a 3.55% gain, followed by Goldman Sachs, up 3.28%. On the downside, Amgen fell 2.32%, while Disney and Merck each lost about 2%.
One of the session’s biggest winners was TeraWulf, which soared more than 16% after announcing a 20-year agreement with Anthropic to supply data center capacity in Kentucky. The long-term contract is expected to generate more than $19 billion in revenue over its lifetime.
Comcast also finished higher after its Sky division agreed to acquire the television operations of Britain’s ITV.
Commodities and volatility
Oil prices continued moving lower as global supply concerns eased.
Saudi Aramco sharply reduced the official selling price of its flagship Arab Light crude for Asian buyers, marking one of the largest price cuts in years as Gulf producers compete for market share following the reopening of the Strait of Hormuz. Brent crude traded below $72 per barrel, erasing nearly all of the gains recorded during the recent Middle East conflict.
Bitcoin also recovered after an early decline.
The cryptocurrency climbed roughly 1.8% to around $63,850 after Trump described himself as “a big crypto guy” during the Trump Accounts launch. Earlier in the session, Bitcoin had weakened after Strategy disclosed it had sold approximately $216 million worth of the digital asset.
Overall market volatility remained relatively subdued as investors continued rotating into technology shares while monitoring interest rates, oil prices and corporate earnings.
Looking ahead
Investors will now turn their attention to another busy week for technology markets.
SpaceX, which recently completed its public listing under the ticker SPCX, is scheduled to join the Nasdaq-100, prompting index funds to purchase shares as part of the benchmark’s rebalancing.
Investors will also watch earnings and guidance from major semiconductor companies, including Samsung Electronics, for additional clues about global demand for AI chips and technology spending.
John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, said U.S. equities could continue climbing if economic fundamentals remain healthy.
“So long as the stateside fundamentals that benefited investors in the first half remain intact or improve, there’s upside to equities ahead,” Stoltzfus wrote, while cautioning investors to expect periods of market volatility.
For now, Wall Street’s momentum remains firmly intact, with record highs, continued strength in artificial intelligence investments, and easing energy prices helping support investor confidence heading into the heart of earnings season.
JBizNews Desk | New York
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