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Wall Street kicked off the new week on a bullish note as major U.S. indexes extended their winning streak, led by a rebound in semiconductor stocks and broad gains across technology names. The Nasdaq Composite jumped 0.8%, while the S&P 500 added 0.4%, continuing the momentum that carried markets higher last week.

The Dow Jones Industrial Average briefly broke above the historic 53,000 mark for the first time before slipping slightly, finishing the session down just 0.1%. The milestone underscores the strength of the rally that has been pushing U.S. equities to fresh records throughout the summer.

Technology was again the key driver. Chip stocks surged after last week’s short-lived pullback, with Western Digital soaring 8% and Teradyne climbing nearly 6%. Marvell Technology added more than 3%, while Oracle gained over 2%. The State Street Technology Select Sector ETF rose 1.1%, suggesting risk appetite remains strong among investors despite signs of consolidation in some areas of the market.

Market strategist Mark Newton of Fundstrat said that the broadening of sector leadership beyond semiconductors is a healthy sign. “The rotation into Financials, Healthcare, and Industrials hitting all-time highs has more than offset the consolidation in Semis,” he wrote. Newton added that he expects the S&P 500 to hit 8,000 by mid-August, roughly 7% above current levels.

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The recent rally comes despite mixed signals in economic data. The Institute for Supply Management’s Services PMI fell slightly to 54 in June, narrowly missing expectations, but still comfortably in expansion territory. Encouragingly, the employment component climbed into growth mode while inflation pressures eased modestly, showing a resilient service sector even as price stability slowly returns.

Investors are also eyeing the Federal Reserve’s upcoming release of June meeting minutes, the first under new Chairman Kevin Warsh. Market watchers expect fresh clues about how committed the new Fed leadership is to holding the line on rates after inflation slowed but remained above the 2% goal. Fed funds futures currently price in about one and a half rate hikes over the next year, a sharp turn from the rate-cut expectations that dominated earlier discussions.

Former Fed economist and market veteran Ed Yardeni remains optimistic about the long-term potential of the current market environment. In a CNBC interview, he dismissed concerns about an artificial intelligence bubble, calling AI a “real deal” technological revolution that continues to reshape productivity and corporate earnings. Yardeni sees the S&P 500 reaching 8,250 by the end of 2024, driven by what he calls “fabulous earnings momentum.”

He also envisions the possibility of the index ultimately approaching 10,000 before the decade ends, spurred on by what he dubbed the “Roaring 2020s.” Yardeni credits transformative technologies—such as AI and automated transportation—with potential to boost industrial efficiency and economic growth for years to come.

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Energy markets were mixed, with Brent crude holding near $72 per barrel as traders assessed OPEC+’s decision to increase production in August. West Texas Intermediate crude ticked up just 0.2% to $68.80 a barrel. Westpac analysts said the cartel’s incremental output hikes should help maintain global supply balance, provided geopolitical tensions in the Middle East remain contained.

Around the globe, trading sentiment was varied. The Stoxx 600 index in Europe slipped 0.2%, with muted trading across major bourses. In Asia, Japan’s Topix index gained nearly 1%, South Korea’s Kospi slipped 0.46%, and Australia’s ASX 200 dipped 0.15%. Hong Kong’s Hang Seng rose 0.81%, as optimism about Chinese tech stocks and AI adoption drew new speculative flows back into the market.

Meanwhile, U.S. President Donald Trump made headlines of his own by symbolically “ringing” the opening bell at both the New York Stock Exchange and the Nasdaq from the Oval Office. The coordinated televised event coincided with the debut of new “Trump Accounts,” a federal initiative aimed at giving children a head start in investing with a $1,000 government contribution to promote early financial literacy and ownership of U.S. equities.

As markets continued to hit record levels, Trump reiterated his longstanding view that rising stock prices reflect the strength of the American economy. “Everybody’s profiting,” he said, framing the rally as validation that U.S. policy remains on the right track.

Despite some analysts warning that equity valuations may be stretched, the mood on Wall Street remains upbeat heading into mid-July. Strong corporate results, optimism around technological innovation, and a cooling inflation backdrop continue to fuel investor confidence that the bull market still has room to run.

With chipmakers on the rebound, oil prices steady, and growth sectors firing on all cylinders, Monday’s gains signaled that investors are still betting heavily on America’s continued economic dominance in a volatile global environment.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.