Wall Street rose across the board, buoyed by a rebound in technology stocks including semiconductors.
On Monday in New York, the Dow Jones Industrial Average closed at 53,055.91, up 155.84 points, or 0.29%, from the previous session. The Standard & Poor's 500 index rose 54.19 points, or 0.72%, to 7,537.43, while the Nasdaq Composite jumped 288.49 points, or 1.12%, to 26,121.16.
Among the largest technology stocks by market capitalization, Nvidia rose 0.37%, along with gains for Apple (1.31%), Amazon (0.61%), Google parent Alphabet (1.82%), Facebook parent Meta (2.98%), and Tesla (6.69%). Microsoft (-0.96%) and SpaceX (-0.98%) declined even amid the broader rally. Many semiconductor-related stocks also succeeded in rebounding, including Broadcom (3.73%), Micron (0.96%), AMD (6.61%), ASML (3.15%), and Intel (3.15%). The Philadelphia Semiconductor Index jumped 2.17%.
The New York market, which had been closed the previous Friday for the U.S. Independence Day observed holiday, showed strength from early trading as bargain hunting flowed into artificial intelligence (AI)-related technology stocks. Broadcom advanced on news that it would expand its partnership with Apple through 2031 to supply various custom semiconductors. TeraWulf, an AI data center infrastructure company, saw its shares rise more than 17% intraday on news that it had signed a 20-year lease agreement with Anthropic, before closing up 4.86%. ASML rose 3.15% on news that global investment research firm Bernstein raised its target price by more than 30%. Tesla surged more than 6% on news that it had expanded its autonomous robotaxi service to the Miami, Florida, area.
The June services purchasing managers' index (PMI) released by the Institute for Supply Management (ISM) came in at 54.0, in line with market expectations. It remained above the 50 threshold, marking 24 consecutive months of expansion, but fell 0.5 point from May.
International oil prices closed slightly lower on expectations of increased supply. On London's ICE Futures Exchange, Brent crude for September delivery closed at $71.99 per barrel, down 0.18% from the previous session. On the New York Mercantile Exchange, U.S. West Texas Intermediate (WTI) crude for August delivery also fell 0.20% to close at $68.55 per barrel. A total of 160 vessels were counted passing through the Strait of Hormuz from June 29 to July 4. In addition, OPEC and its allies, known as OPEC+, agreed to raise August oil production by 188,000 barrels per day more than in July.
