Stock Market Update: New Heights on Wall Street
Traders were busy on the floor of the New York Stock Exchange as morning trading unfolded on July 1, 2026.
The Dow Jones Industrial Average continued its upward trend on Monday after a solid performance last week, reaching an all-time high. Futures for the broader S&P 500 climbed by 0.4%. Meanwhile, Nasdaq 100 futures increased by 1.1% as markets geared up to restart trading following the U.S. Independence Day holiday on Friday. The Dow futures, on the other hand, fluctuated slightly around the flatline.
Tech stocks were off to a strong start early in the day. The State Street Technology Select Sector SPDR ETF saw a rise of over 1%, driven by a 3% increase in Western Digital and a notable 4% uptick in Teradyne. Additionally, two other companies, Marvel Technology and Oracle, also saw their stocks rise by more than 3% and 2%, respectively.
Last week, the counts for the Dow surged nearly 2%, hitting 53,000 for the first time, while both S&P 500 and Nasdaq Composite indices also enjoyed significant gains of 1.8% and 2.1% respectively. Remarkably, these gains occurred despite a downturn in semiconductor stocks, which have been pivotal to market growth this year. The VanEck Semiconductor ETF faced a 3.2% drop, marking its second consecutive week of declines.
Mark Newton, head of technical strategy at Fundstrat, mentioned, “The increased sector rotation is a big plus. Financials, healthcare, and industrials all reached new weekly highs this week, more than compensating for the semiconductor slump.” He added, “The drop in semiconductors is just a short-term setback, benefiting other sectors until it stabilizes, but it doesn’t affect the broader index.” Newton also anticipates that the S&P 500 could reach 8,000 by mid-August; the index finished last week at 7,483.24, approximately 7% shy of that mark.
This week, traders are likely to focus on the Federal Reserve, as the minutes of the June meeting led by new Chairman Kevin Warsh are set to be released on Wednesday.
In Europe, stock markets faced declines; the Stoxx 600 index was down by 0.2%. In the Asia-Pacific region, trading was mixed on Monday. The Japanese Nikkei Stock Average ended the day almost unchanged, while the Topix index rose by 0.92%. However, the Korean Kospi dropped by 0.46%, and the smaller Kosdaq index fell by 2.46%. Australia’s S&P/ASX 200 also decreased slightly, closing at 8,831.00. China’s CSI 300 index remained stable at 4,842, whereas Hong Kong’s Hang Seng index saw an increase of 0.81% in its last trading session.
