US Stock Market: Nasdaq jumps as chip stocks rally; Dow Jones crosses 53,000

US stocks opened the week on a positive note on Monday, July 6, with technology shares leading gains as investor concerns over the sector eased.

The tech-heavy Nasdaq Composite climbed around 0.8%, while the S&P 500 advanced about 0.5%, extending the momentum from last week's strong performance following the US Independence Day holiday.

The Dow Jones Industrial Average also traded higher during the session and briefly crossed the 53,000 mark for the first time in history before trimming gains. Chip stocks were among the biggest contributors to the rally, while falling oil prices and easing pressure on technology shares supported broader market sentiment.

President Donald Trump rang the opening bell as Nasdaq and the New York Stock Exchange joined him at the White House to mark the launch of Trump Accounts.

Nasdaq futures lead US stocks higher as tech rebounds, oil slips

US stock index futures moved higher on Monday, July 6, led by gains in technology shares, as easing pressure on the sector and lower oil prices lifted investor sentiment ahead of a week of key economic data releases.

Futures tied to the Nasdaq 100 climbed about 1.2%, while S&P 500 futures gained 0.4%. Futures on the Dow Jones Industrial Average were little changed.

Technology stocks led the advance, signalling renewed investor confidence in the artificial intelligence (AI) trade after a late-June pullback in semiconductor shares.

The positive sentiment was supported by stronger-than-expected quarterly sales reported by Foxconn, formally known as Hon Hai Precision Industry, a key supplier to Nvidia. The sales growth reinforced expectations that demand for AI-related hardware remains robust.

Investor attention has now shifted to earnings from Samsung Electronics, due on Tuesday. The world's largest memory chipmaker is expected to report an 18-fold increase in year-on-year operating profit, significantly exceeding its earnings for the whole of 2025, reflecting the continued strength of the AI-driven semiconductor cycle.

Crude prices weakened after OPEC+ agreed to increase production targets for August, while exports through the Strait of Hormuz continued to recover, easing concerns over global supply disruptions.

Brent crude futures fell $1.02, or 1.4%, to $71.10 a barrel, while US West Texas Intermediate (WTI) crude dropped 80 cents, or 1.2%, to $67.89 a barrel. Brent had gained 0.45% in the previous session, while there was no official settlement for WTI on Friday because US markets were closed for the Independence Day holiday.

Meanwhile, lower oil prices also supported broader market sentiment, while investors awaited upcoming economic data for fresh signals on the health of the US economy and the outlook for interest rates.