US stocks: Dow hits record before Fed minutes, July 7, 2026
July 7, 2026
Wall Street reopened after the July 4 break at a fresh peak. The Dow Jones cleared 53,000 for the first time, a month after Alphabet joined the index. Behind the record sits the same engine that drove the first half: semiconductors and artificial intelligence. As the third quarter starts, the question is whether that momentum can survive a crowded macro calendar.
Chips drive the tape
On Monday the S&P 500 gained 0.72% to 7,537.43 and the Nasdaq Composite 1.12% to 26,121.16, with the Nasdaq 100 up 1.3%. The move belonged to chipmakers. AMD jumped 6.6% and Broadcom 3.7% after extending its partnership with Apple, while Nvidia, Micron and Intel all closed higher. That leadership confirms AI appetite remains the main driver of US indices. We track these sessions daily in our market coverage.
Optimism under watch
Strategists still urge caution. "Expectations are really high, and so I don't know if you're going to see as much upside in the second half in these stocks as we did in the first half," warns Anthony Saglimbene, chief market strategist at Ameriprise Financial. At Oppenheimer, John Stoltzfus argues the rally can extend as long as stateside fundamentals that benefited investors in the first half remain intact. The market now wants earnings to justify these levels as reporting season opens.
SpaceX reshuffles the Nasdaq
A technical event stirs Tuesday's session. SpaceX joins the Nasdaq 100 before the open. Funds that track the index must buy the stock, with roughly $4.3 billion of forced buying in the QQQ ETF alone. These mechanical flows can pull capital from other members and create volatility inside the index, regardless of the companies' fundamentals.
Dollar and gold wait for the Fed
In currencies, the greenback stays firm. The euro traded near $1.1415 and the yen hit fresh multi-year lows around 185 per dollar, prompting Tokyo to repeat its vigilance. Gold steadied near $4,150 an ounce and WTI crude around $68 a barrel. Each asset is pausing before Wednesday's FOMC minutes, the first under Chair Kevin Warsh, which investors will parse for the rate path.
Key levels today
| Instrument | Level / Price | Change | Watch |
|---|---|---|---|
| S&P 500 | 7,537.43 | +0.72% | Holding above 7,500 |
| Nasdaq Composite | 26,121.16 | +1.12% | Chipmakers holding gains |
| Dow Jones | 53,055.91 | +0.29% | Consolidating the 53,000 record |
Economic calendar
Wednesday, July 8, 8:00 pm Paris: June FOMC minutes. Thursday, July 9, 2:30 pm Paris: US weekly jobless claims.
The bottom line
Wall Street enters the third quarter at a record, still carried by chips. Caution leads before closely watched Fed minutes.
This is not investment advice.