Dow Hits New Record as Nasdaq Leads; USD Finishes Day Mixed
U.S. stocks surged Monday with the Dow setting another record and the Nasdaq outperforming, while the dollar posted uneven gains across major currencies.
U.S. equities opened the week with broad-based gains on Monday, July 6, as the Dow Jones Industrial Average closed at a fresh record high and the Nasdaq outpaced its peers on renewed buying in large-cap technology and semiconductor stocks. The S&P 500 also finished solidly in the green as investors returned from the holiday weekend in a decidedly risk-on posture, though market breadth remained uneven with AI and chip-related names driving the bulk of the rally.
The U.S. dollar posted a mixed session against the major currencies, climbing against four of the seven benchmarks tracked. The greenback's biggest advance came against the Japanese yen, rising 0.45%, while it added 0.25% against the Swiss franc and 0.22% against the Australian dollar. On the losing side, the dollar slipped 0.26% against sterling and shed a marginal 0.03% against the euro.
Read more Dow Crosses 53,000 as Tech Rebound Lifts Nasdaq Higher →
On the data front, the ISM Non-Manufacturing PMI for June printed exactly at the 54.0 consensus estimate, confirming that the U.S. services sector is expanding at a healthy clip. The on-target reading offered little surprise to markets but reinforced confidence that the broader economy is holding up despite persistent concerns around tariffs, fuel costs, and geopolitical risks.
Federal Reserve Governor Christopher Waller, speaking on a panel in Italy, reaffirmed the Fed's commitment to its 2% inflation target and made the case for forward guidance as a legitimate policy communication tool. Across the Atlantic, European Central Bank officials sent diverging signals: ECB's Wunsch suggested Iran-related price pressures had largely faded with limited second-round effects, while ECB board member Schnabel warned that the current price shock cannot simply be ignored by policymakers.
Canada's S&P Global Services PMI for June fell sharply to 47.1 from 50.6 in May, slipping into contraction territory and highlighting a growing divergence between U.S. and Canadian economic momentum. Continue reading at Forexlive.
