Wall Street’s major indexes closed higher on Monday, with the Nasdaq leading gains as semiconductor stocks staged a strong rebound. The tech-heavy Nasdaq Composite (COMP:IND) led the gains, rising 1.24%, while the S&P 500 (SP500) advanced 0.72% and the blue-chip Dow (DJI) added 0.29%, closing above 53,000 for the first time.
Among the top gainers within tech were Advanced Micro Devices (AMD) +7.7%, Astera Labs (ALAB) +7.6%, Western Digital (WDC) +7.5%, and Monolithic Power Systems (MPWR) +5.6%.
On the economic side, the U.S. ISM Services PMI eased to 54.0 in June from 54.5 in May, coming in slightly below the consensus estimate of 54.1. Despite the slowdown, the index remained in expansion territory for a 24th consecutive month. The U.S. PMI Composite Index was revised to 51.9 in June, compared with the initial print of 52.2 and 51.5 in May.
Federal Reserve Governor Christopher Waller said Monday that the central bank’s use of forward guidance can aid the transmission of monetary policy through the U.S. economy, but it’s not appropriate in all cases. The Fed’s use of policy signaling has come under renewed scrutiny as Chair Kevin Warsh opposes the practice, arguing markets should interpret economic data without guidance from policymakers.
The 10-year Treasury yield (US10Y) slipped to 4.47% while the 2-year yield (US2Y) dropped to 4.12%, and the 30-year yield (US30Y) rose to 4.99%. Crude oil futures (CL1:COM) were slightly lower at $68.66, while Brent (CO1:COM) was $72.10 per barrel.
Seeking Alpha 7/6/26