S&P 500 and Nasdaq futures rise as Wall Street extends rally

Wall Street opened the week on Monday, 6 July 2026, with futures pointing higher after a holiday‑shortened rally that lifted the Dow Jones Industrial Average to fresh all‑time highs. By early trade the Dow futures were up about 67 points, roughly 0.1%, while the S&P 500 e‑mini rose 0.4% and Nasdaq‑100 contracts gained 0.9%.

The combined moves echo last week’s surge in the underlying indexes – the S&P 500 up 1.8% and the Nasdaq Composite up 2.1% – despite a flattening in the semiconductor sector.

Media additions

Sector rotation and the semiconductor pull‑back

Investors have been trimming exposure to chipmakers. The VanEck Semiconductor ETF shed 3.2%, marking its second consecutive week of losses.

"The broadening in sector rotation is a significant positive, with Financials, Healthcare, and Industrials all closing at new weekly all-time highs this week, more than offsetting the consolidation in Semis,"

Mark Newton, via spfutures.org

Stephen Innes, managing partner at SPI Asset Management, warned that the move “felt more like everyone leaving one crowded room at once and hoping the hallway was wide enough.”

"A real rotation is when capital moves from one part of the market to another without disturbing the furniture. What we saw last week felt more like everyone leaving one crowded room at once and hoping the hallway was wide enough,"

Stephen Innes, managing partner, SPI Asset Management, via Morningstar

Warren Pies, co‑founder and strategist at 3Fourteen Research, echoed the volatility concern, noting that the market could see a violent rotation away from momentum stocks.

Global market backdrop

European stock markets experienced an uptick in early trading, with the pan-continental Stoxx 600 hovering just below 0.1% at 10:00 a.m. In London. Media stocks demonstrated strong performance, increasing by 1.41%, following the announcement that Comcast-owned Sky will acquire the media and entertainment division of U.K. Broadcaster ITV. Concurrently, European travel and leisure stocks rose by 1.01% as U.K. Carrier EasyJet entered into a $7.3 billion takeover agreement with Castlelake.

Asia-Pacific concluded the trading session on Monday with a varied performance. Japan’s Nikkei 225 closed with minimal fluctuations, whereas the broader Topix experienced an increase of 0.92%. South Korea’s Kospi declined by 0.46%, while the small-cap Kosdaq experienced a significant drop of 2.46%. Australia’s benchmark index experienced a decline of 0.15%, concluding the trading session at 8,831.00. China’s CSI 300 concluded the trading session unchanged at 4,842, whereas Hong Kong’s Hang Seng was observed trading 0.81% higher. The Japanese yen was trading at 162.24 per U.S. Dollar after weakening to a 40-year low against the greenback last week. South Korea’s won experienced a depreciation of approximately 0.29%, settling at 1533.45 per dollar.

Commodities, crypto and rates

Oil prices dipped, with West Texas Intermediate crude, the U.S. Benchmark, down 0.1% after OPEC+ announced Sunday another modest increase in oil output for August.

"OPEC is opening the spigot because its members need more revenue as much as the market needs more supply,"

Stephen Innes, managing partner, SPI Asset Management, via Morningstar

Bitcoin (BTCUSD) was trading above the $63,000 level, up about 5% over the past week.

What to watch next

• Federal Reserve minutes: The June-meeting minutes, the first under Chairman Kevin Warsh, are set to be released on Wednesday.
• Earnings cues: PepsiCo (PEP) will report quarterly results on Thursday and Delta Air Lines (DAL) will report Friday, with earnings season to kick off in earnest next week, with the big banks reporting July 14.