On Monday, the S&P 500 Index rose by 0.72%, closing at a 2.5-week high, while the Dow Jones Industrial Average achieved a new all-time high, closing up 0.29%. The Nasdaq 100 increased by 1.26%. September E-mini S&P futures gained 0.82%, and September E-mini Nasdaq futures rose 1.35%, indicating positive market momentum supported by strong performances in chipmakers and tech stocks.
The June ISM services index registered at 54.0, meeting expectations, while the employment sub-index rose significantly to 51.2. Q2 earnings are projected to increase by 23%, driven largely by AI infrastructure spending, contributing nearly 60% to S&P 500 earnings-per-share growth. Meanwhile, a recent OPEC+ decision to add 188,000 barrels per day to output further influenced market dynamics.
Internationally, European stock markets experienced minor declines, with the Euro Stoxx 50 down 0.23%. The 10-year T-note yield in the US slightly fell to 4.477%, reflecting a cautious approach to future rate hikes, with markets currently pricing in a 25% likelihood of a rate increase at the next Federal Reserve meeting on July 28-29.
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