Dow closes above 53,000 for first time as AI stocks lead rebound

The Dow Jones Industrial Average closed above 53,000 for the first time on July 6, gaining 155 points, while the Nasdaq jumped 1.12% and the S&P 500 rose 0.72%, driven by a rebound in AI-related chip stocks. Broadcom surged 3.7% after extending its custom-chip partnership with Apple through 2031, and SK Hynix launched a $28 billion U.S. share sale, but the rally was narrow: six of eleven S&P 500 sectors fell and the equal-weighted S&P 500 barely moved, underscoring thin market breadth.

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Dow hits first close above 53,000 as AI stocks rally The Dow Jones Industrial Average ended at 53,055.91 on Monday, a new record, as a rebound in AI and semiconductor stocks lifted the Nasdaq Composite 1.12% and the S&P 500 0.72%. However, the equal-weighted S&P 500 rose just 0.04% and six of eleven sectors declined, highlighting that the advance was driven by a narrow group of mega-cap tech names. 1 2 3

AI chip stocks surge on Broadcom-Apple deal and JPMorgan tailwinds Broadcom jumped 3.7% after announcing a multi-year extension of its custom-chip partnership with Apple through 2031, reigniting investor interest in semiconductor names. The Philadelphia Semiconductor Index rose over 3%, with AMD up 8.6% and TSMC up 5.4%, as JPMorgan pointed to surging LLM token volumes, rising GPU rental prices, and strong DRAM spot prices as tailwinds for AI infrastructure demand. 4 5 6

SK Hynix launches $28 billion Nasdaq listing as chip demand booms South Korean memory-chip maker SK Hynix launched a $28 billion U.S. share sale to trade on the Nasdaq, drawing up to $7 billion in indications of interest from major investors. The offering, one of the largest in U.S. history, comes as Samsung is expected to report record Q2 operating profit of roughly $56 billion, fueled by AI-driven demand for high-bandwidth memory. 7 8 9