The Dow Hit Another Record. Tech Rebounded, and Trump Rang the Bell.

Wall Street came back from the long weekend in buy mode. The Dow climbed to a fresh record close of 53,055, tech rebounded broadly after last week’s chip wobble, and ISM Services held steady at 54 — a services economy still expanding even as the labor market cools. The S&P added 0.72%, the Nasdaq 1.12%, with the AI/semiconductor names that dragged the tape lower on Thursday reversing higher. A calm, constructive open to a Fed-minutes week — the “bad news is good news” backdrop from Friday’s soft jobs report still intact, now with tech participating again.

🏆 Another record Dow — and tech joined this time

The rally was broad, unlike the split tape that closed the first half:

• Dow: +0.29% → 53,055.91 (+155.84) — a fresh record close and intraday high
• S&P 500: +0.72% → 7,537.43
• Nasdaq: +1.12% → 26,121.16 — the chip/AI complex rebounding after last week’s selloff
• Tech led: the XLK ETF rose ~2% — Western Digital +7%, Teradyne +2.8%, Oracle +2.5%, Marvell +1%
• The bounce caps a strong holiday-shortened week: Dow ~+2%, S&P +1.8%, Nasdaq +2.1%

📋 ISM Services held at 54 — steady, with mixed internals

The week’s first data point painted a services economy that’s still growing:

• ISM Services PMI: 54.0 — down 0.5pt from May, just under the 54.3 consensus, but comfortably in expansion
• Prices paid: 67.7 (down 3.6pt) — still elevated; services inflation remains sticky even as it eased
• Employment: 51.2 (up 3.3pt) — back into expansion, a modest counterpoint to Friday’s soft payrolls
• Inventories fell sharply (down 11.3pt to 51.2) — worth watching if it persists
• Net read: services holding up, prices still warm — a Fed cooling on hikes but not pivoting to cuts

🔔 The set-piece — Trump rings the bell from the Oval Office

A first-of-its-kind bit of market theater:

• Trump rang the opening bell from the Oval Office in an unprecedented joint ceremony with the NYSE and Nasdaq, promoting “Trump Accounts” (investment accounts for children) and tying his presidency to the market’s record run
• Microsoft disclosed it’s cutting 4,800 jobs (~2.1% of staff) — the Xbox division losing about a fifth of its team, the latest big-tech “AI-era efficiency” restructuring
• Defense stocks remained firm following recent gains

📊 Monday snapshot

• Dow +0.29% → 53,055.91 (+156, record close)
• S&P 500 +0.72% → 7,537.43
• Nasdaq +1.12% → 26,121.16 (tech rebound)
• ISM Services 54.0 (prices 67.7 · employment 51.2 · inventories 51.2)
• Tech leaders Western Digital +7% · Teradyne +2.8% · Oracle +2.5%
• Microsoft cutting 4,800 jobs (~2.1%) · defense names firm

📅 The week ahead — Fed minutes are the main event (GMT)

• Tue, Jul 7 — International trade balance (May)
• Wed, Jul 8 ⚡ — FOMC minutes (June meeting, 18:00 GMT) · wholesale inventories · consumer credit
• Thu, Jul 9 — Initial jobless claims · June existing home sales
• Fri, Jul 10 — Light calendar · possible Fed commentary
• Looking ahead: June CPI lands Tue Jul 14 — the last major inflation read before the July 28–29 FOMC

🧠 Bottom line

The market picked up right where it left off — buying strength, cheering steady data, and treating the soft-jobs backdrop as a reason the Fed can afford patience rather than a warning about growth. Monday’s improvement was in the breadth: unlike the record-Dow-but-falling-Nasdaq split that defined late June, tech rebounded alongside the blue chips, easing (for a day) the fear that the AI trade is unwinding. ISM Services holding at 54 with employment back in expansion supports the soft-landing read driving stocks higher.

But the week’s real test is Wednesday. The June FOMC minutes reflect the committee’s thinking before the weak payroll report shifted expectations — and investors get to weigh a hawkish-leaning June against an economy that’s since cooled. Monday was the calm. Wednesday will test whether the market’s optimism survives the Fed’s own words.

Another record, tech back in the mix, services holding. Now the Fed’s own minutes get the last word this week.