Dow Hits 53,000 All-Time High While Iran Burns — Stocks Don't Care
The Dow crossed 53,000 for the first time ever on Monday even as Iran war headlines dominated every screen — and traders are choosing to YOLO into chips instead of panic
Ticker Ratings
The Dow Jones closed above 53,000 for the first time in history on Monday, July 6th — the same day millions of Iranians were flooding the streets to mourn Supreme Leader Khamenei, and Trump was on Truth Social threatening to "finish the job." The market's reaction to all of this? A polite 0.75% gain on the S&P 500 and a 1%+ pop on the Nasdaq, led by chip stocks and tech. Totally normal. Nothing to see here.
The Philadelphia SOX index ripped nearly 5% intraday, with $AMD up 6.6% after Goldman raised its price target to $640 — up from $450 — and $TSLA posting a 6.7% gain on strong delivery numbers. Meanwhile, Fundstrat's Tom Lee is calling for a strong July, pointing to Q2 earnings beats that would actually lower the market's P/E from January levels. Multiple names hit all-time highs: $BA, $BAC, $CRWD, $KO. Broad. Confident. Slightly deranged.
War is the backdrop. Earnings season is the main event. Apparently the market decided geopolitics is just vibes now.
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