AI-driven momentum is keeping bulls in high spirits after the Dow’s record close, though investors are a bit cautious ahead of the Fed minutes and fresh corporate catalysts.
- Dow closed above 53,000 for the first time as chipmakers and AI stocks powered Monday’s rally, with AMD, Broadcom and Qualcomm leading gains.
- Futures traded mixed overnight, while retail sentiment for SPY, QQQ, and DIA remained ‘extremely bullish’ despite a pullback in Nasdaq-100 futures.
- Rivian slid on a stock offering, SpaceX prepared for its Nasdaq-100 debut, and investors awaited the Fed minutes for clues on the interest-rate outlook.
U.S. stock futures were trading mixed early Tuesday, following a record-breaking session in which the Dow Jones Industrial Average closed above 53,000 for the first time. Investors are weighing renewed optimism in the AI trade against caution ahead of the Federal Reserve's upcoming minutes.
How US Stock Futures Are Trading Now
As of approximately 1:00 a.m. ET on July 7, Dow Jones futures edged up 0.05%, S&P 500 futures slipped roughly 0.3%, while Nasdaq 100 futures fell over 1% as some of Monday's tech gains cooled.
Still, retail-trader sentiment for ETFs tracking all three key indexes (SPY, QQQ, DIA) remained 'extremely bullish,' suggesting expectations of an extended bull market.
“$QQQ will open over 725. Guaranteed. Good night everyone,” said one user about the potential opening on Tuesday amid the ETF slipping in overnight trading.
How US Markets Fared On Monday
The major averages closed higher on Monday as a rebound in semiconductor and AI-related stocks reignited the broader rally. Six of the 11 S&P 500 sectors finished in the green, with technology leading gains.
The Dow climbed 0.3% to a record 53,055.91, the S&P 500 rose 0.7%, and the Nasdaq Composite advanced 1.1%. Chipmakers led the charge — Broadcom, AMD, and Qualcomm were among the standouts — after a volatile end to June. Cooling labor market signals and easing Treasury yields provided a supportive macro backdrop, helping offset concerns about stretched valuations in the tech sector.
Index | Move | Close |
Dow Jones Industrial Average | 0.29% | 53,055.91 |
S&P 500 | 0.72% | 7,537.43 |
Nasdaq Composite | 1.12% | 26,121.16 |
What Market Analysts Are Saying
Goldman Sachs analysts cautioned that the semiconductor sector's strong second-quarter run may raise the bar heading into earnings season, according to a clipping of the note on Dow Jones newswires. The analysts still see opportunity for companies serving AI hyperscalers, the industrial and defense sectors, and memory chip manufacturers.
Meanwhile, AMP chief economist Shane Oliver expects more market whiplash in the near future from President Trump, who may become less constrained following the midterm elections, when he could ramp up foreign policy activity, potentially including another confrontation with Iran or moves on Greenland and Cuba. Oliver noted the risk is amplified if Trump loses the House and Senate in November.
Trending Stocks And Themes To Watch
Rivian shares tumbled roughly 9% in overnight trading after the company announced a 75 million-share public stock offering, with separate stock-sale notices from a director and the Rivian Foundation adding to the pressure.
SpaceX is set to enter the Nasdaq-100 later on Tuesday, a milestone that is drawing significant institutional attention. Shares were down over 2% in overnight trading ahead of the inclusion.
Memory stocks such as Micron and SanDisk, as well as sector-linked ETFs, were down after Monday's broad rally, dragged by Samsung’s sell-off in Korea, as investors watch whether momentum holds or rotation into more defensive sectors, such as financials, continues.
On the energy front, WTI crude futures are hovering near $69 a barrel following reports of easing supply constraints in the Strait of Hormuz, keeping oil-sensitive names in focus.
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