DJIA futures pointed higher as US stocks rose Monday and the Dow Jones Industrial Average closed above 53,000 for the first time. The move came as pressure on tech eased, with investors in major indexes seeing gains across the market.
Nasdaq Composite leads Monday
The Nasdaq Composite jumped 1.1% on Monday, while the S&P 500 climbed 0.7% and the Dow Jones Industrial Average edged up 0.3%. Alphabet, Apple, Meta, and Tesla rallied, and semiconductor stocks also advanced after a recent dip in chip shares.
On Sunday, Hon Hai, also known as Foxconn, reported a stronger-than-expected rise in quarterly sales. That report fed the rebound in chip-related stocks on Monday, after a late-June slump had put the sector under pressure.
OPEC and Federal Reserve minutes
Oil prices were little changed after OPEC+ agreed to raise output targets, while flows revived through the reopened Strait of Hormuz. Monday's batch of US services data also showed little change, which left investors weighing steady activity against a disappointing June jobs report that had already reset expectations for interest rates.
Minutes from the Federal Reserve's first meeting with Kevin Warsh at the head were due on Wednesday, giving traders another look at how the central bank is thinking about rates after the June labor report. The next test for the market came first on Tuesday, when Samsung Electronics quarterly results were due.
Samsung Electronics profit watch
Samsung Electronics was expected to post an 18-fold year-on-year increase in profit when results arrive on Tuesday. Investors in the company were watching whether that gain would match the strength already signaled by Foxconn's sales and the broader rebound in semiconductor shares.
For investors, the immediate takeaway is simple: the Dow's move above 53,000 held while tech sentiment improved, but the next read on chips and policy still arrives within days. Samsung Electronics and the Federal Reserve minutes are the next cues that can either extend Monday's rally or slow it.
