Tech rebound lifts Dow to record, yen hits 40-year low against dollar

The Dow Jones Industrial Average reached a new record high on Monday, June 29, 2026, driven by a significant rebound in technology stocks. The tech-focused Nasdaq composite also saw substantial gains, climbing over two percent. This rotation back into tech, encompassing both software and semiconductor sectors, follows a period of pressure on chip companies due to concerns about soaring valuations.

“

So far, the start of this short week is really about rotation back into tech, which is leading the gains, both the software and semiconductor space, both participating.

Analysts noted that semiconductor shares, which had been under pressure, are now seeing renewed buying interest. Companies like Nvidia, AMD, Broadcom, and Intel experienced significant increases. This bargain hunting in the tech space is contributing to the broader market's upward movement.

“

Technology was the worst performing sector over the course of the last two weeks. So you'll likely see some bargain hunting in those spaces, and I think that's helping move the broad market a little bit higher.

Meanwhile, oil prices saw a modest rise. Renewed military strikes between Iran and the United States disrupted shipping through the vital Strait of Hormuz, contributing to the price increase, although the impact on oil prices was described as relatively contained. Major US indices spent the entire day in positive territory.

“

The impact on oil prices remains relatively contained.

Globally, European markets closed lower, while Asian stock markets performed better, with Tokyo, Hong Kong, and Shanghai all ending higher. Investors are now looking ahead to key economic data, including the US jobs report, which could influence the Federal Reserve's monetary policy. The Fed has adopted a more hawkish stance amid inflation concerns stemming from the Iran conflict. The yen also fell to a 40-year low against the dollar, reflecting these monetary policy shifts.

“

Thursday's US payrolls report looms as the week's defining event. Unless Kevin Warsh or Japanese authorities deliver a genuine surprise beforehand, the labor market report is likely to determine whether markets continue to build on the hawkish Fed repricing seen in recent months, or start to unwind it.