Trump Rings the Bell, Dell Soars, and the Dow Tops 53,000 for the First Time

Wall Street Returns From the Holiday Fired Up — Chips Rebound, Dow Sets a Record

Trump Rings the Bell, Talks Up Dell, and Launches "Trump Accounts" From the Oval Office

• President Trump rang the opening bell for both the NYSE and Nasdaq jointly from the Oval Office Monday, tying the ceremony to the launch of Trump Investment Accounts — a government savings program that has enrolled more than 6 million families, each receiving a $1,000 seed contribution from the government.
• During the event, Trump praised Dell Technologies' computers on camera. Dell shares surged ▲ 7.7%, one of the S&P 500's biggest movers of the day. Trump has previously disclosed personal trading in Dell shares. He told reporters the goal is for participants in the new accounts program to "make back the money" the government contributed.
• The bell-ringing capped a broader rally: the S&P 500 rose 0.72% to 7,537.43, the Nasdaq gained 1.12% to 26,121.16, and the Dow added 155.84 points to close at a record 53,055.91 — its first close above the 53,000 level.
• Semiconductor and AI-infrastructure names, which had sold off over the prior two sessions on demand-overcapacity fears, rebounded broadly as investors rotated back into the trade heading into a heavy earnings and index-inclusion week.

Chips Bounce Back on Fresh Price-Target Hikes — Auto Parts and Old Economy Lag

• Goldman Sachs lifted its 12-month price target on AMD to $640 from $450 and on Teradyne to $465 from $350, rating both Buy. AMD gained ▲ ~8% and Teradyne rose ▲ 4%, while the iShares Semiconductor ETF (SOXX) climbed more than 3%.
• Bank of America raised its price target on Astera Labs to $450 from $240, sending shares up ▲ 10.5%, while Bernstein hiked its ASML target more than 30% to $2,300 on expectations of unprecedented logic and DRAM capacity expansion; ASML rose ▲ 4%.
• Auto-parts retailers moved the other way: O'Reilly Automotive fell ▼ 6.66% and AutoZone dropped ▼ 6.32% amid reports the two could pursue consolidation. D.A. Davidson said such a deal would be "accretive" for O'Reilly, but investors treated the speculation as a risk rather than a catalyst. Rate-sensitive, domestically focused sectors broadly lagged the tech-led rally: homebuilders (ITB) fell about 2%, while retail (XRT) and healthcare (IYH) each slipped more than 1%.
• Microsoft fell ▼ 1.7% after confirming it is cutting 4,800 jobs — 2.1% of its workforce — with its Xbox division alone eliminating 3,200 roles through fiscal 2027 as part of a continued AI-driven cost-cutting push.

Where the Money Actually Went

• Astera Labs (ALAB) ▲ 10.5% — Bank of America's price-target hike to $450 was the standout call of the day for the fabless AI-chip supplier.
• Arista Networks (ANET) ▲ 8.31% and AMD ▲ ~8% led the S&P 500's broader tech rebound as Goldman and other desks turned more bullish on networking and AI-compute demand.
• IREN ▲ 13.11% and TeraWulf (WULF) ▲ 4.86% — Bitcoin miners pivoting to AI data-center hosting extended their run. TeraWulf closed at $22.21 after announcing a 20-year lease to Anthropic estimated to bring in $19 billion in revenue over the term, tied to its Kentucky campus.
• Western Digital (WDC) ▲ 7.17% and Tesla (TSLA) ▲ 6.69% rounded out a broad tech rally that lifted the Technology Select Sector SPDR (XLK) almost 2% on the session.

Alphabet's First Session in the Dow, and a $28 Billion Listing From SK Hynix

• Alphabet, which formally joined the Dow Jones Industrial Average days ago, added ▲ 2.45% Monday, contributing to the index's push past 53,000 for the first time.
• South Korea's SK Hynix kicked off formal marketing for a U.S. depositary-receipt listing on the Nasdaq expected to raise roughly $28–29 billion — one of the largest share offerings globally this year — as the memory-chip maker looks to capitalize on AI-driven demand.
• Oil slipped as WTI crude eased toward $69 a barrel, while Treasury yields held little changed. Traders continue to price roughly a 30% probability of a Fed rate move at the July 28–29 meeting.
• Small-cap stocks extended their historic run: the Russell 2000 closed at 3,009.54, back above the 3,000 level, capping the best first half for small caps since 1991 on a combination of rate-cut relief and broadening AI capital spending.

What to Watch Tuesday

• SpaceX (SPCX) officially joins the Nasdaq-100 before trading begins Tuesday, its first index inclusion since going public on June 12. J.P. Morgan estimates roughly $4.3 billion in mechanical passive-fund inflows tied to the addition.
• Samsung Electronics reports preliminary second-quarter 2026 earnings Tuesday — a closely watched read on global memory-chip demand that could set the tone for U.S. chip stocks including Micron and SanDisk.
• The Federal Reserve's next policy meeting is July 28–29; markets are pricing roughly a 30% chance of a rate move, with recent labor-market data still shaping the debate.
• Intel's next scheduled earnings report on July 23 remains a focal point for the Apple foundry partnership and 18A-P yield progress.
• Expect continued rotation between AI-infrastructure winners and rate-sensitive, old-economy names as the market digests a string of index records against warnings — including from Bank of America — that speculative excess could trigger a pullback later this year.