NEW YORK, July 6, 2026, 16:03 EDT
- S&P 500 finished 0.72% higher, Nasdaq Composite added 1.16%, and the Dow closed above 53,000, after hitting that level during the session.
- Market breadth trailed the indexes as S&P 500 losers topped gainers by 1.3 to 1, according to Reuters. AP reported most names in the index fell.
- Broadcom and TeraWulf came in with AI contract news, while Microsoft put out figures on costs from the same expansion.
U.S. stocks pushed higher Monday, driven mostly by a narrow set of AI and chip stocks. The S&P 500 closed at 7,537.48 for a 0.72% gain. The Dow Jones Industrial Average ended up 0.30% at 53,056.80. Nasdaq Composite finished at 26,131.63, rising 1.16%, according to Yahoo Finance data.
Stocks traded in a typical Monday session after U.S. markets closed for the July 4 holiday on Friday. The NYSE 2026 calendar shows July 3 as the observed day off. Regular trading ended with the 4 p.m. ET closing auction.
S&P 500 breadth lagged the headline. Reuters reported that falling S&P 500 stocks outpaced gainers by about 1.3 to 1, and AP noted most S&P 500 names slipped even as the index was higher. ETF prices matched that: SPDR S&P 500 ETF Trust NYSEARCA:SPY rose 0.98% or so, but Invesco S&P 500 Equal Weight ETF NYSEARCA:RSP barely moved. iShares Semiconductor ETF NASDAQ:SOXX jumped 3.39%.
This matters as a lot of portfolios spread bets more widely than the index itself. If this rally is just about chips and the biggest tech names, funds can lag even when the S&P 500 is up. It also means earnings have a thinner cushion for misses.
“This is a market that’s leaving a lot of people out,” said Jake Dollarhide, chief executive at Longbow Asset Management. “If you’re not in some tech names or semiconductors, then you’re basically missing the entire rally.” Reuters
Broadcom NASDAQ:AVGO was the main stock moving on the AI theme. Shares picked up 4.4% late after it said it would extend its chip partnership with Apple NASDAQ:AAPL through 2031. Apple traded up 1.5%. Analysts told Reuters Apple is about a fifth of Broadcom’s annual revenue. “For Apple, locking in Broadcom through 2031 buys supply-chain certainty,” Emarketer’s Jacob Bourne said. Reuters
TeraWulf NASDAQ:WULF shares rose 5.1% in late trading after the company gave more details on a new deal. Anthropic has signed a 20-year lease for an AI infrastructure campus set to be built in Hawesville, Kentucky. The deal should bring in around $19 billion in contracted revenue, according to TeraWulf. The campus is set for about 401 megawatts of IT load, with initial operations expected in the second half of 2027 and full capacity by early 2028. CEO Paul Prager called the lease a “validation” of the company’s strategy. TeraWulf Inc.
Microsoft NASDAQ:MSFT slipped 0.85% late in the day after it announced 4,800 job cuts, or about 2.1% of its staff. Of those, 3,200 are coming from Xbox. Gil Luria at D.A. Davidson said Microsoft is cutting jobs to help fund AI spending.
Investors are watching for earnings next, not Monday’s index level. LSEG I/B/E/S estimates quoted by Reuters see S&P 500 second-quarter earnings up 24% year over year, with tech earnings up close to 65%. Trading Economics’ model, tracking the US500, projects the index will be lower at the end of the quarter and again in 12 months.
| Measure | Monday reference | Forecast or estimate | Investor test |
|---|---|---|---|
| S&P 500 | Closed at 7,537.48 | Q2 profit up 24% from last year | Need broader sector profit to match gains |
| S&P 500 technology | Led trading | Q2 profit up 65% year over year | AI names have to deliver margins, not just revenue |
| US500 model | Quote was 7,540.27 | Targets 7,330.32 for quarter; 6,877.10 over 12 months | Model targets below Monday’s close |
SK Hynix KRX:000660 took its AI funding push to U.S. markets, launching a share sale worth 43 trillion won, or $28.07 billion. Reuters said big investors have shown interest for as much as $7 billion. Samsung Electronics KRX:005930 will report Tuesday; analysts see profits jumping 18 times.
This week’s macro calendar is lighter, with Fed minutes from Kevin Warsh’s first meeting as chair expected Wednesday. Delta Air Lines NYSE:DAL and PepsiCo NASDAQ:PEP are set to report later this week. Steve Englander, global head of G10 FX research and North American macro strategy at Standard Chartered, said he expects Warsh to make the minutes “less informative.” Reuters
