U.S. stock futures traded mixed in the early hours of Tuesday as investors digested a historic session that pushed the Dow Jones Industrial Average above 53,000 for the first time.
As of approximately 1:00 a.m. ET on July 7, Dow Jones futures edged up 0.05%, S&P 500 futures slipped roughly 0.3%, and Nasdaq 100 futures fell over 1% as tech gains cooled.
Retail-trader sentiment for ETFs tracking all three major indexes, including SPY, QQQ, and DIA, remained “extremely bullish,” pointing to expectations of a continued bull market run.
One retail trader on Stocktwits expressed confidence about Tuesday’s open, posting: “$QQQ will open over 725. Guaranteed. Good night everyone.”
Monday’s session saw the major averages close broadly higher, with semiconductor and AI-related stocks reigniting momentum across the market after a volatile end to June.
The Dow climbed 0.3% to a record close of 53,055.91, the S&P 500 rose 0.7%, and the Nasdaq Composite advanced 1.1%, with six of the 11 S&P 500 sectors finishing in positive territory.
Broadcom (NASDAQ: AVGO), AMD, and Qualcomm were among the standout performers, benefiting from cooling labor market signals and easing Treasury yields that provided a supportive macro backdrop.
Goldman Sachs analysts cautioned that the semiconductor sector’s strong second-quarter run may raise the bar heading into earnings season, though they still see opportunity in companies serving AI hyperscalers, the industrial and defense sectors, and memory chip manufacturers.
AMP chief economist Shane Oliver warned of more market volatility ahead, noting that President Trump may become less constrained following the midterm elections and could ramp up foreign policy activity, potentially including confrontations with Iran or moves on Greenland and Cuba.
Oliver also noted the risk is amplified if Trump loses the House and Senate in November, adding another layer of political uncertainty to an already complex macro environment.
Rivian (NASDAQ: RIVN) shares tumbled roughly 9% in overnight trading after the company announced a 75 million-share public stock offering, with separate stock-sale notices from a director and the Rivian Foundation adding further pressure.
SpaceX, trading under the ticker SPCX, is set to enter the Nasdaq-100 on Tuesday, a milestone drawing significant institutional attention, though shares fell over 2% in overnight trading ahead of the inclusion.
Memory stocks including Micron (NASDAQ: MU) and SanDisk (SNDK) were among the decliners in overnight trading, dragged lower by a sell-off in Samsung shares in Korea after Monday’s broad sector rally.
Investors are now watching whether AI and chip momentum holds heading into earnings season, or whether rotation into more defensive sectors such as financials continues to gather pace.
On the energy front, WTI crude futures were hovering near $69 a barrel following reports of easing supply constraints in the Strait of Hormuz, keeping oil-sensitive names in focus for Tuesday’s session.
