Indexes

Wall Street came back from the long Independence Day weekend and bought the corner it had abandoned into the break. Semiconductors led from the opening bell after Broadcom locked in a five-year custom-chip deal with Apple, a supply agreement that runs through 2031 and pulled the whole group higher: Advanced Micro Devices closed up about 10%, Broadcom roughly 6%, and Intel near 5%, with the VanEck Semiconductor ETF up more than 2%. That single trade did most of the heavy lifting for the Nasdaq Composite, which added 1.12% to 26,121.16 and recovered all of Thursday's chip-driven slide and then some. The Dow was the quieter winner in percentage terms but the louder one on the scoreboard, tacking on 155.84 points to 53,055.91 for its first-ever close above 53,000, helped by strength in Boeing, IBM and Goldman Sachs. Breadth was the encouraging part — the Russell 2000 climbed 0.88% to 3,022.48, back above the 3,000 line it first cleared last month — while the drag came from health care, where Amgen and Merck each fell more than 2%. The one soft note in the data, an ISM services reading that eased to 54.0, did nothing to slow the advance and if anything reinforced the case that the Fed can stay patient.

Sector Heat Map

The rotation ran straight back toward offense: technology led on the semiconductor bid while the day's defensive corners funded the move.

Cyclicals and secular tech beat staples and health care by a wide margin, the signature of a session where money moves back toward risk.

In the News

Rates, FX, Commodities

Treasuries barely flinched as the records piled up in stocks. Friday's soft payrolls report and Monday's easier services reading trimmed the odds of a September rate hike back toward a coin flip, and the short end drifted lower to match; crude stayed heavy as OPEC+ kept restoring supply.

Technicals

The S&P closed at 7,537, extending above a rising 50-day, with 7,450 the first support that would matter on any give-back. The Dow's push through 53,000 leaves it in uncharted territory, so prior highs no longer supply a reference; the round number it just cleared becomes the level bulls will defend. The Russell 2000 back above 3,000 keeps the small-cap recovery intact, with that figure the line to hold. On rates, the 10-year near 4.45% sits mid-range after a quiet session, and the 2-year at 4.10% is toward the lower end of where it has traded since spring; a sustained slide under 4.00% at the front end would be the market's way of pricing out hikes altogether. The day's clearest large-cap breakout was Boeing; the hourly view below tracks its climb.

Boeing (BA), hourly: a steady climb through the session as industrials led the Dow to a record.

Breakouts & Breakdowns

Breakouts

Boeing (BA) — up about 3.6% into fresh multi-month-high ground, clearing the top of its spring range and leading the industrials that powered the blue chips to a record; the breakout keeps the recovery trend intact.

Goldman Sachs (GS) — up roughly 3.3%, closing at a record and pulling clear of its June consolidation as financials firmed alongside the tape.

Breakdowns

Amgen (AMGN) — down about 2.3%, slipping below its 50-day and threatening the shelf that has held since May; a decisive loss puts the 200-day back in view.

Merck (MRK) — down roughly 2.1%, breaking a near-term support line as health care lagged; the next reference sits at the June lows.

Amgen (AMGN), daily: sliding below its 50-day as health care underperformed a rising market.

Top Movers

Gainers

Broadcom (AVGO) rose about 6% after extending its chip-supply partnership with Apple through 2031, a deal covering custom application-specific silicon for future iPhones and networking gear. Apple accounts for roughly a fifth of Broadcom's revenue, so a five-year lock on that relationship gives the growth story unusual visibility into the end of the decade. The market read it as a green light for the whole custom-silicon group, and the sympathy move was larger than the move in Broadcom itself.

Advanced Micro Devices (AMD) jumped about 10%, the session's biggest large-cap gainer, riding the Broadcom halo and a broad rebound after last week's chip pullback. Buyers treated the Apple deal as confirmation that hyperscaler and device-maker demand for custom accelerators is widening rather than narrowing. The next test for the group is Samsung's preliminary results before Tuesday's open, the first hard read on memory pricing.

Boeing (BA) added about 3.6%, one of the Dow's biggest points contributors, as the industrial recovery trade drew fresh buyers and the stock cleared multi-month resistance. The move fed directly into the index's record close.

Goldman Sachs (GS) gained roughly 3.3% to a record, with financials catching a bid as risk appetite returned.

Losers

Amgen (AMGN) fell about 2.3%, the weakest Dow component, as health care was the day's funding source and money rotated toward cyclicals and chips. There was no single company headline; the group simply lagged a market that wanted risk.

Merck (MRK) slipped roughly 2.1% on the same rotation, extending a soft stretch for large-cap pharma. With no fresh catalyst, the read is positioning rather than fundamentals.

Walt Disney (DIS) eased about 2.1%, lagging as media and defensive-leaning consumer names sat out the rally.

Broadcom (AVGO), daily: breaking higher on a five-year Apple custom-chip agreement.

Key Macro Data Today

Services activity slowed a touch but stayed comfortably in expansion for a 24th straight month, and the internals were more encouraging than the headline: the employment gauge swung back into growth at 51.2 from 47.9, its first expansion in four months, even as the business-activity index cooled to 55.4. The mild step-down was enough to keep the rate-hike debate soft without signaling anything like a stall.

Notable Earnings This Session

Pre-Open

An empty slate to start the week — no S&P 500 names of note reported before the bell.

Post-Close

Nothing material after the close either; the reporting calendar stays quiet until midweek.

Drivers

1. Whether the semiconductor rally can carry a second session. SpaceX enters the Nasdaq-100 at Tuesday's open, forcing benchmark funds to add it, and Samsung's preliminary second-quarter results land the same morning in Seoul as the first hard look at memory pricing. The group ran hard on the Apple deal, and Monday's move in AMD showed how quickly a crowded winner can swing; the question is whether Tuesday's real news validates the enthusiasm or fades it. Delta opens airline earnings on Thursday, and Delta has beaten Wall Street's per-share estimate in each of its last four quarters.

2. Wednesday afternoon brings the June FOMC minutes at 2 p.m. ET, the record of Chair Kevin Warsh's first meeting. That gathering produced a majority leaning toward at least one rate increase this year and dropped the prior easing language, but it came before Friday's payrolls miss. Traders will read the minutes less for the decision than for how firmly the hawkish camp held together.

3. Levi Strauss reports Wednesday after the close, the first consumer read of the run, with the Street looking for about $0.24 a share on $1.52 billion in revenue.

S&P 500 ETF (SPY), daily: pressing to a record close above a rising 50-day.