Traders work on the floor of the New York Stock Exchange during morning trading on July 01, 2026 in New York City.

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The S&P 500 and Nasdaq Composite maintained their positive momentum on Monday following a strong week on Wall Street.

The broad market index gained 0.6%, while the tech-heavy Nasdaq advanced 1.2% as markets started a new trading week following Friday's U.S. Independence Day holiday. The 30-stock Dow last traded down 111 points, or 0.2%, after earlier surpassing 53,000 for the first time ever.

Tech stocks rose broadly. The State Street Technology Select Sector SPDR ETF (XLK) climbed more than 2%, led by an 10% climb in Western Digital and an 8% jump in Teradyne. Marvell Technology and Oracle also gained more than 5% and more than 1%, respectively.

The Dow climbed nearly 2% last week, putting it within striking distance of 53,000, a level it has never reached. The S&P 500 and Nasdaq Composite also posted sharp gains last week, advancing 1.8% and 2.1%, respectively.

Those gains came even as semiconductors — the force behind many of the market's gains this year — faltered last week, with investors paring exposure to chipmakers and rotating into other sectors. The VanEck Semiconductor ETF (SMH) shed 3.2%, marking its second losing week in a row.

"The broadening in sector rotation is a big positive, with Financials, Healthcare, and Industrials all closing at new weekly all-time highs this week and more than offsetting the consolidation in Semis," wrote Mark Newton, head of technical strategy at Fundstrat. "While the Semi decline is a short-term headwind that favors owning other sectors while it settles, it has not dented the broader indices."

Newton expects the S&P 500 to reach 8,000 by mid-August. The benchmark closed last week at 7,483.24, about 7% below the 8,000 mark.

Traders this week will turn their eyes to the Federal Reserve, with the minutes of the June meeting — the first led by new Chairman Kevin Warsh — due Wednesday.

European stock markets were muted, with the pan-continental Stoxx 600 slipping 0.2%. Asia-Pacific ended mixed on Monday. Japan's Nikkei 225 closed little changed, while the broader Topix gained 0.92%. South Korea's Kospi lost 0.46% and the small-cap Kosdaq tumbled 2.46%. Australia's S&P/ASX 200 fell 0.15% to close at 8,831.00. China's CSI 300 ended flat at 4,842, while Hong Kong's Hang Seng was last trading 0.81% higher.