NEW YORK, July 6, 2026, 11:03 EDT
- The Nasdaq was out front, gaining 1.07%. The Dow slipped 0.27% and S&P 500 added 0.51% in late morning New York trading.
- Broadcom NASDAQ:AVGO gained after it secured an extension of its chip supply agreement with Apple NASDAQ:AAPL out to 2031. The Philadelphia semiconductor index climbed 4.2%.
- TeraWulf NASDAQ:WULF jumped after the company said it signed a 20-year Anthropic lease, which should lock in around $19 billion in contracted revenue.
- The live split is key as hedge funds were net sellers of tech hardware for four weeks running until Monday’s bounce.
U.S. stocks traded mixed Monday. Traders picked up AI supply-chain and data-center stocks, but the Dow was behind. The main New York Stock Exchange session goes from 9:30 a.m. to 4:00 p.m. ET. U.S. equity markets were shut July 3 for the Independence Day holiday.
AI stocks with new contracts outperformed, a small but actionable move under the surface. The Nasdaq Composite added 275.19 points, or 1.07%, to finish at 26,107.86. The S&P 500 climbed 38.06 points, or 0.51%, to 7,521.30. Dow Jones Industrial Average slipped 141.72 points, or 0.27%, closing at 52,758.35.
| Market gauge | Latest | Move | What it says |
|---|---|---|---|
| Nasdaq Composite | 26,107.86 | +1.07% | AI and chips kept Nasdaq in front |
| S&P 500 | 7,521.30 | +0.51% | Big tech made up for lagging parts |
| Dow industrials | 52,758.35 | -0.27% | Dow left out as tech ran |
| 10-year Treasury yield | 4.485% | -0.005 point | Rates didn’t set the tone |
| WTI crude | $68.79 | +0.15% | Oil hovered at prewar marks |
Broadcom NASDAQ:AVGO climbed 5.7% after it reached a deal with Apple NASDAQ:AAPL to extend their custom-chip partnership until 2031. The S&P 500’s IT sector was out front. The Philadelphia semiconductor index gained 4.2%, snapping a two-session slide.
“For Broadcom, it’s a five-year annuity,” said Daniel Newman, CEO of Futurum Group. Apple brings in about 20% of Broadcom’s yearly revenue, Reuters quoted analysts as saying. Reuters
TeraWulf NASDAQ:WULF got a boost from the AI infrastructure angle after it announced Anthropic signed a 20-year lease at its Justified Data campus in Hawesville, Kentucky. The deal covers about 401 megawatts of critical IT load, with power starting to come online in the second half of 2027 and expected to ramp up fully by early 2028. CEO Paul Prager called this a “long-duration revenue stream.” TeraWulf Inc.
Monday’s rally stood out from the typical chip rebound. Goldman Sachs NYSE:GS told clients, according to Reuters, that hedge funds had dumped tech hardware stocks for a fourth straight week through July 3. The SOX chip index dropped 4.2% that week. Funds bought index and ETF products as they cut single U.S. stock holdings.
Breadth stayed thin in early trading. By 10:18 a.m. ET, advancers led decliners 1.25-to-1 on the NYSE and 1.26-to-1 on Nasdaq, but both the S&P 500 and Nasdaq had zero new 52-week highs.
| Next test | Forecast or market view | Latest confirmed data | Investor use |
|---|---|---|---|
| S&P 500 Q2 earnings | FactSet sees +23.3% year over year | Delta Air Lines NYSE:DAL and PepsiCo NASDAQ:PEP report later this week | Gauge if profits line up with index price |
| ISM services PMI | Consensus at 54.2 | June read was 54.0, slipped from 54.5 | Growth in services, pace a bit slower |
| Fed July 29 meeting | 24% odds of a 25-bp hike, CME FedWatch per Reuters | Was near 30% about a week back | Rate risk is lower than last week |
| AI supply test | SK Hynix KRX:000660 U.S. IPO planned at around $28 billion | Samsung Electronics KRX:005930 update expected Tuesday | Shows appetite for memory and AI shares |
“This earnings season is important,” said David Morrison, senior market analyst at Trade Nation. A touch of positive news could be enough for the Magnificent 7 to pick up their run again, he said. Reuters
Microsoft NASDAQ:MSFT slipped 1.8% after it said it will cut about 4,800 jobs, or around 2.1% of its global staff.
Stocks found more support as ISM’s non-manufacturing PMI for June posted a 54.0, right in line with what Reuters had forecast. The data and last week’s softer jobs numbers saw traders take down their Fed hike expectations. “Warsh wants the Fed to concentrate on the data,” Morrison said. Reuters
The Fed is set to release minutes on Wednesday from its first meeting with Kevin Warsh as chair. Steve Englander, who leads G10 FX research and North American macro strategy at Standard Chartered, said in a note he thinks the minutes will be “less informative” when it comes to policy views. Reuters
Nathan Peterson, who leads derivatives research and strategy at the Schwab Center for Financial Research, said the “AI trade feels a little sour.” He noted that selling lately could have cleared out some crowded trades. Schwab pointed to FactSet’s call for 23.3% S&P 500 earnings growth in Q2. schwab.com
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