Tech Rebound Lifts Nasdaq 0.8%, Foxconn Sales Beat
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- Nasdaq Composite jumped 0.8% to lead US markets, with the S&P 500 adding 0.5% and Dow Jones rising 0.2%, as the late-June slump in chip stocks showed signs of reversing
- Hon Hai (Foxconn), Nvidia's key supplier, reported stronger-than-expected quarterly sales on Sunday, signaling sustained AI demand
- Samsung Electronics is due to report results Tuesday, with analysts expecting an 18-fold year-on-year profit jump
- Oil prices fell after OPEC+ agreed to raise output targets and shipping resumed through the reopened Strait of Hormuz
- Federal Reserve minutes from Kevin Warsh's first meeting as chair are due Wednesday, after June's disappointing jobs report reset rate-cut expectations
- The Dow Jones Industrial Average capped a record-setting, holiday-shortened week for the blue-chip benchmark
Why it matters: The Foxconn beat and Samsung's projected 18-fold profit surge are hard data points arguing the late-June chip slump was a dip, not a trend reversal — the Nasdaq's 0.8% lead over the Dow's 0.2% shows investors agree. Warsh's first Fed minutes Wednesday, following a disappointing June jobs report, are the next test of that read.
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