Chip stocks are trying to bounce back. The Dow is near 53,000. Fed minutes are coming

Federal Reserve minutes from Kevin Warsh's inaugural meeting as the central bank's chair will be released this week

By Cris Tolomia2 min readUpdated July 6, 2026

Michael M. Santiago / Getty Images

U.S. stock futures pointed higher Monday after a three-day break over the Fourth of July holiday weekend. Nasdaq $NDAQ futures climbed 1.1%, while S&P 500 futures added 0.4% and Dow Jones Industrial Average futures were hovering flat near the 53,000 milestone.

Tech stocks led early gains. Western Digital $WDC stock advanced roughly 3% and Teradyne jumped about 4%, helping lift the State Street $STT Technology Select Sector SPDR ETF by more than 1%. Marvell Technology and Oracle $ORCL each posted gains of more than 3% and more than 2%, respectively.

The rebound in tech came after a difficult stretch for semiconductors. Chipmakers extended their pullback, with the VanEck Semiconductor ETF dropping 3.2% to log a second straight week of losses. Mark Newton, head of technical strategy at Fundstrat, noted the weakness had not undermined the broader market. "The broadening in sector rotation is a big positive, with Financials, Healthcare, and Industrials all closing at new weekly all-time highs this week and more than offsetting the consolidation in Semis," Newton wrote, according to CNBC. "While the Semi decline is a short-term headwind that favors owning other sectors while it settles, it has not dented the broader indices."

Last week's rally pushed the Nasdaq Composite up 2.1%, while the S&P 500 rose 1.8%.

Investor attention this week will center on the Federal Reserve. Fed minutes covering Kevin Warsh's inaugural meeting as chair will be released Wednesday, a document investors will scrutinize for any hints about where borrowing costs are headed.

The week also carries several tests for AI-related appetite. A quarterly business update from Samsung arrives Tuesday, while SK Hynix's planned $29 billion U.S. listing — which would place it among the most valuable share offerings ever recorded — is expected to price later in the week. SpaceX is also set to join the Nasdaq-100 on Tuesday.

Elsewhere in markets, crude prices slipped after the OPEC+ alliance voted to expand production for the fifth consecutive month. Having touched a four-decade trough against the dollar in the prior week, the yen stood at 162.24 to the dollar on Monday. Across the Atlantic, the pan-European Stoxx 600 edged down 0.2% amid subdued trading, and a mixed session wrapped up across Asia-Pacific.

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