Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 24, 2026.
Brendan McDermid | Reuters
The Dow Jones Industrial Average closed above 52,000 for the first time on Monday after Alphabet made its debut in the index, rounding out a broader stock market rally.
The Dow advanced 306.63 points, or 0.59%, ending at 52,182.74. The S&P 500 gained 1.18% and closed at 7,440.43, while the Nasdaq Composite rose 2.07% to 25,820.14.
SPX intraday
Alphabet was one of the notable gainers, climbing nearly 5% on its first day trading as a Dow member. Comcast shares, meanwhile, rallied 4.4% after the company said it would spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.
The VanEck Semiconductor ETF (SMH) gained more than 3%, reversing an earlier decline in the session. Astera Labs, KLA and Applied Materials rose about 16%, roughly 12% and almost 11%, respectively, to lead the turnaround.
The moves come as Wall Street begins a shortened trading week, with the U.S. stock market set to be closed on Friday due to Independence Day.
“It might be a little bit of light liquidity [due to the holiday-shortened trading week], so you might see bigger-than-expected moves,” Joe Tigay, a portfolio manager under Equity Armor Investments, told CNBC. “We also have the end of quarter happening soon, which can cause some window dressing to happen, so advisors are wanting what they report on their quarterly statements to look attractive to their clients, and they’ve been locking in some gains too. A lot of big names have had really big gains so far this year, so locking them in right now… a lot of advisors are happy to do so.”
The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict.
“Technical talks are slated to continue on all areas of the MOU,” a U.S. official told CNBC on Sunday. “Both sides will stand down for now and vessels can move freely.”
The U.S. attacked Iranian military targets over the weekend in retaliation for Iranian strikes in the Strait of Hormuz. President Donald Trump then threatened to annihilate Iran, saying in a Truth Social post: “United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!”
Crude prices rose at the start of the week as traders assessed whether the pause in hostilities would hold and ease concerns over disruptions to energy supplies. International Brent oil climbed 1.61% to close at $73.15 per barrel. West Texas Intermediate futures advanced 2.2% to settle at $70.75.
