US Tech Stocks Absorb Funds on Trump's Buy Recommendation...Dow Jones Index Breaks All-Time High

▲ US Stock Market, Bull Market/AI-generated image

The U.S. stock market surged to an all-time high again, led by a rebound in semiconductor stocks. The Dow Jones Index surpassed the 53,000 mark for the first time, and the enthusiasm for AI investments revived buying sentiment across tech stocks.

According to U.S. economic media outlet Barron's on July 6 (local time), the U.S. stock market rebounded after last week's correction. The rekindled semiconductor stock rally led the Dow Jones Index to an all-time high. AI-related stocks also spearheaded the rise in the S&P 500 Index.

Advanced Micro Devices (AMD) rose 6.6% to $552.05. Goldman Sachs raised its price target for AMD from $450 to $640 and maintained a buy rating, anticipating strong continued demand for AI. Western Digital (WDC) rose 7.1%. Micron Technology (MU) rose approximately 1%, and Intel (INTC) rose 1.5%.

ASML Holding (ASML) rose 3.2% to $1,825.07. Bernstein raised its price target for ASML from $1,971 to $2,623, citing that the spread of AI would drive expansion in advanced logic and memory production capacity. NVIDIA (NVDA) rose only 0.4%, and Apple (AAPL) rose 1.3%.

Dell Technologies (DELL) rose 4.4%. U.S. President Donald Trump's recommendation to consumers to "buy Dell computers" during a press conference stimulated investor sentiment. Trump had purchased $5.1 million worth of Dell shares in the first quarter. Oracle (ORCL) rose 2.5%.

Cryptocurrency-related stocks also showed strength. Robinhood Markets (HOOD) rose 4.3%, and Coinbase Global (COIN) rose 2%. TeraWulf (WULF) rose 4.9% after announcing a 20-year AI data center lease agreement with Anthropic. The contract revenue is estimated at approximately $19 billion based on the initial lease term.

Among electric vehicle stocks, Rivian Automotive (RIVN) surged 8.1%. JPMorgan analyst Rajat Gupta raised Rivian's price target from $9 to $15. Rivian sold 12,194 units in the second quarter, exceeding Wall Street's estimate of approximately 11,000 units. Tesla (TSLA) also rose 6.7%. In contrast, O'Reilly Automotive (ORLY) and AutoZone (AZO) fell 6.7% and 6.4%, respectively.

[Article Summary]

- The U.S. stock market rose driven by a rebound in semiconductor stocks, with the Dow Jones Index surpassing 53,000 for the first time.

- AMD rose 6.6% on an upgraded price target, while ASML, Dell, Rivian, and TeraWulf also showed strength.

- O'Reilly Automotive and AutoZone became major decliners in the S&P 500 amid acquisition rumors.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*