MARKET SNAPSHOT
Tech strength helped push U.S. stocks higher to kick off a week that will challenge investors' appetite for the AI trade. Treasury yields changed little to start a week light in economic indicators. Oil futures settled lower, holding near pre-conflict levels. Gold futures rose, settling at their highest level in two weeks. The U.S. dollar strengthened slightly.
MARKET WRAPS
EQUITIES
The Dow closed at another record, while tech stocks rose to kick off a week that will challenge investors' appetite for the AI trade again.
The Nasdaq composite led U.S. stock indexes with a 1.1% gain, a sign traders are brushing off the AI worries that have jolted stocks in recent weeks. The Dow Jones Industrial Average edged up 0.3% to its 21st record close of the year. The S&P 500 rose 0.7%.
Optimism around tech shares will face a test Tuesday, when chip giant Samsung is expected to share a second-quarter update. SK Hynix's $29 billion U.S. stock-market listing will follow just a few days later, in what is set to be one of the biggest share sales in history.
Meanwhile, SpaceX's fast-track entry into the Nasdaq-100 Tuesday is poised to spark a flurry of trading.
On Wednesday, the Fed will release minutes from its first meeting under Chairman Kevin Warsh, which traders will parse for clues on the trajectory of interest rates.
Earlier Monday, markets in Asia ended mixed.
China's benchmark Shanghai Composite Index edged down 0.1%, the Shenzhen Composite Index fell 1.3%, and the ChiNext Price Index dropped 1.8%.
Hong Kong's Hang Seng Index rose 1.1%.
Japan's Nikkei Stock Average ended flat.
South Korea's Kospi fell 0.5%.
Australia's S&P/ASX 200 Index declined 0.2%.
New Zealand's S&P/NZX 50 Index rose 1.1%.
COMMODITIES
Oil futures settled lower while largely shrugging off two developments that would usually be bearish for prices--OPEC+ agreed to a fifth straight monthly increase in output targets and Saudi Arabia slashed its official August selling price for light crude to Asia by $11, from a $9.50 premium to a $1.50 discount against Oman-Dubai.
"It is increasingly looking like the Gulf producers are gearing up for a price war," Mizuho's Robert Yawger said.
Added to that was a Ukrainian strike on Russia's largest refinery, "which will likely push more crude oil away from another damaged Russian refinery and into what is quickly becoming an oversupplied global market, " he said.
WTI settled down 0.2% at $68.55 a barrel and Brent ended down 0.2% at $71.99 a barrel.
Gold futures settled at the highest point since June 22, with analysts citing Middle East peace efforts as easing global inflation concerns and directing more money back to precious metals, said Rhona O'Connell of StoneX. She added that gold ETFs remain on weak footing. "Gold ETFs are still friendless," she said.
Front-month gold futures finished up 1% to $4,155.10 a troy ounce.
Silver gained 2.1%, to $61.92 a troy ounce. For silver, it's the fourth consecutive higher close.
TODAY'S TOP HEADLINES
U.S. Services-Sector Activity Continued to Expand in June
U.S. services-sector activity continued to expand last month, a survey of managers has found.
The Institute for Supply Management's purchasing managers index for services providers was 54 in June compared with 54.5 in May. Economists polled by The Wall Street Journal expected a reading of 54.3. A reading above 50 signifies economic growth, while one below 50 indicates contraction.
The new-orders index continued to expand at a slightly slower pace than in May. The supplier-deliveries index was in its 19th consecutive month of expansion territory, indicating slower supplier delivery performance, the report said.
Toyota to Move Tacoma Production to Texas in $3.6 Billion U.S. Expansion Plan
Toyota will spend $3.6 billion to bring production of its top-selling midsize pickup, the Tacoma, back to the U.S. by 2030, the Japanese automaker said Monday.
The company plans to build a second assembly line for the Tacoma at the San Antonio plant where it currently assembles larger pickups and SUVs, adding 2,000 jobs, it said.
Making more vehicles in the U.S. will help Toyota, the world's top-selling automaker, defray a hefty tariff bill in its largest market. The company also needs more domestic capacity as it struggles to keep its U.S. dealers stocked with vehicles, said John Murphy, founder of advisory firm Murphy Automotive Partners.
Microsoft Is Cutting More Than 3,000 Jobs in Xbox Division
Microsoft will cut some 3,200 jobs from its Xbox videogames division as it restructures the struggling business.
The company will lay off 1,600 people this week and 1,250 more during the rest of the fiscal year that began this month, Xbox Chief Executive Asha Sharma said in a memo to staff Monday.
In addition, Microsoft is selling or spinning off four game development studios and exploring strategic options for a fifth-moves that will take at least 350 additional people off its payroll.
Solstice Advanced Materials to Buy Element Solutions for More Than $12 Billion
Solstice Advanced Materials agreed to buy specialty-chemicals maker Element Solutions for more than $12 billion in cash and stock, a move aimed at expanding Solstice's footprint in high-growth electronics and artificial intelligence infrastructure markets.
Solstice on Monday said the deal values Element at about $50.10 a share, a roughly 15% premium to Thursday's closing price of $43.64 for the Miami Beach, Fla., company.
Solstice, a Morris Plains, N.J., maker of refrigerants and advanced materials that was recently spun out of Honeywell, said it will pay $10 cash and issue half of a share, worth about $40.10 based on Thursday's closing price, for each share of Element.
Rogers Communications Buys Rest of Toronto Maple Leafs, Raptors for C$4.35 Billion
Rogers Communications is buying out the final portion of Maple Leaf Sports and Entertainment from Larry Tanenbaum's Kilmer Sports for 4.35 billion Canadian dollars ($3.06 billion), giving the telco total control of Canada's lucrative sports empire.
The transaction-which is expected to close in the fourth quarter of this year and will require league approvals in order to go through-consolidates full ownership of the Toronto Maple Leafs, Toronto Raptors, Toronto FC and the Scotiabank Arena under Rogers.
Until recently, MLSE was jointly owned by Canada's two biggest rival telecom companies, Rogers and BCE, alongside Canadian billionaire businessman Larry Tanenbaum.
TeraWulf Signs $19 Billion Lease With Anthropic for AI-Infrastructure Campus
TeraWulf will partner with Anthropic to build an artificial-intelligence infrastructure campus in Kentucky that could generate $19 billion in revenue and bring 400 megawatts of computing power online by 2028.
The digital-infrastructure company said Monday the project is backed by a 20-year lease and supported by an investment-grade credit profile.
Shares of TeraWulf jumped 17%, to $24.87, in premarket trading.
SK Hynix Trims Fundraising Target for U.S. Listing to $28 Billion
South Korea's SK Hynix has lowered the fundraising target for its U.S. listing to about $28 billion after a recent decline in its share price.
The world's second-largest memory chip maker said in a regulatory filing with the Korea Exchange on Monday that it is seeking to raise 43.141 trillion won, equivalent to $28.21 billion, by issuing American depositary receipts on the Nasdaq. The target is down from its earlier goal of 45.453 trillion won.
Despite the downward revision, the deal would still rank among the biggest share sales in history, second only to SpaceX's record initial public offering raising $75 billion last month.
Expected Major Events for Tuesday
01:00/PHI: Jun CPI
03:00/SKA: 1Q Non-financial company outstanding debt
05:00/JPN: May Indexes of Business Conditions - Preliminary Release
06:30/AUS: Jun Official Reserve Assets
07:00/MAL: Jun International Reserves, end of month
08:00/TAI: Jun Price Indexes: Consumer Prices (CPI)
08:30/HK: Jun Foreign Exchange Reserves
09:00/SIN: Jun Official Foreign Reserves
09:59/PHI: May Money Supply (M3)
09:59/PHI: Jun Gross International Reserves
09:59/CHN: Jun Foreign Exchange Reserves
10:59/INA: Jun International Reserves
23:00/SKA: May Balance of payments
23:50/JPN: Jun Bank Lending
23:50/JPN: Jun International Transactions in Securities
23:50/JPN: 1Q Revised Balance of Payments
23:50/JPN: May Balance of Payments
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(END) Dow Jones Newswires
July 06, 2026 16:53 ET (20:53 GMT)
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