US Stocks Rise as Chip Shares Rebound; Tesla Jumps 6.7% on Robotaxi Expansion

Dow Tops 53,000 for the First Time

The three major US stock indexes closed higher on July 6, led by a rebound in artificial intelligence chip shares.

The Dow Jones Industrial Average rose 155.84 points, or 0.29%, to 53,055.91 on the New York Stock Exchange, finishing above 53,000 for the first time.

The S&P 500 gained 54.19 points, or 0.72%, to 7,537.43, while the tech-heavy Nasdaq Composite climbed 288.49 points, or 1.12%, to 26,121.16.

Chip stocks rebounded as bargain hunters stepped in. The S&P 500 information technology sector index advanced, and the Philadelphia Semiconductor Index rose 2.2%, snapping a two-day losing streak.

Broadcom gained about 3.7% after news that its partnership with Apple would be extended through 2031. AMD jumped 6.6% and Teradyne added 2.8% after Goldman Sachs sharply raised its price targets on the two companies.

Nvidia rose 0.4% after affirming that its roadmap remained on track, following a report that the launch of its next-generation AI servers could be delayed by more than a year because of manufacturing difficulties.

Investor sentiment was also supported by expectations for Samsung Electronics and SK Hynix ahead of their quarterly earnings reports and the Nasdaq listings of their American depositary receipts.

Tesla soared 6.7% after news that it had expanded its autonomous robotaxi service to the Miami area in Florida.

Economic data also underpinned sentiment. After weaker-than-expected US employment data last week, the Institute for Supply Management said on July 6 that its June services purchasing managers index came in at 54.0, matching market expectations.

Investors are now focused on the minutes of the Federal Open Market Committee's June meeting, due on July 8. Some analysts say pressure on the Federal Reserve to raise interest rates this year has eased.

Ko Jung-sam, Hankyung.com reporter jsk@hankyung.com