06.07.202613:37:28UTC+00Dow Rises to New Record, Chips Rebound

US stock indices advanced on Monday, supported by renewed strength in heavyweight chipmakers. The S&P 500 gained 0.4%, the Nasdaq 100 climbed nearly 1%, and the Dow edged above 53,000 for the first time on record.

Memory chipmakers led the rally ahead of Samsung’s upcoming sales update and SK Hynix’s ADR issuance on Friday. The sector’s surge extends last week’s sharp swings, as aggressive earnings guidance upgrades are weighed against mounting worries that AI-related stocks are becoming overbought. Those concerns have been underscored by Meta’s move to sell excess computing capacity and by newly issued SpaceX bonds trading at high-yield levels soon after the company’s record-setting IPO.

Micron and SanDisk each rose more than 2.5%. Nvidia also traded higher after its assembly partner Hon Hai Precision signaled further strengthening in AI-related demand.

Most other sectors were broadly steady following last week’s outperformance. Investors now turn to Wednesday’s release of minutes from a divided FOMC, which could shed light on how policymakers are weighing inflation pressures against labor-market risks.