Tech Stocks Rebound as Dow Surpasses 52000 for the First Time, Rally Restart?

On June 29 in New York, the major U.S. stock indices rose together, led by a rebound in technology shares. The S&P 500 climbed 1.2% to close at 7,440.43, while the Dow Jones Industrial Average gained 0.6% to finish at 52,182.74—its first close above the 52,000 mark. The Nasdaq Composite surged 2.1% to 25,820.14, signaling renewed investor appetite for growth stocks.

It was a relatively quiet day for economic data. With no nationwide indicators released, the Texas Manufacturing Outlook Survey showed activity roughly unchanged, but a noticeable improvement in employment metrics supported hopes for a soft economic landing. At the same time, continued upward pressure on selling prices and wages reinforced the view that the Federal Reserve’s tightening stance is unlikely to ease soon.

The Fed has held its benchmark rate steady since the June FOMC meeting, but some policymakers have left open the possibility of further hikes this year, making markets increasingly data-dependent. Treasury yields traded in a narrow range, a contrast to the recent environment in which rising rates had weighed on equities. Investors appear to be positioning themselves ahead of the consumer sentiment report due in two days and the early-July employment figures.

On the sector front, Comcast jumped after announcing plans to spin off its media business from broadband operations, sparking a broad rally in communications and media stocks. Bargain hunting also pushed higher last week’s volatile AI names and select semiconductor issues, contributing to the Nasdaq’s strong performance. With the corporate earnings season still in its early stages, markets are likely to remain more sensitive to policy shifts and macroeconomic developments than to earnings momentum in the near term.

On the global stage, easing tensions between the U.S. and Iran revived risk-asset demand, and while oil prices resumed an upward trend, they did not undercut the equity rally. Amid persistent Middle East uncertainty, elevated crude prices, and a Fed “hawkish pause,” this week’s U.S. consumer and employment reports have emerged as a critical inflection point for the second-half outlook of the U.S. stock market.