Overnight on July 7th, US stock markets closed higher, with the Dow Jones Industrial Average reaching a new all-time high above 53,000 points.

Among the top 20 stocks by trading volume, SpaceX is set to be officially added to the Nasdaq 100 index.

Popular US-listed Chinese stocks generally rose, with Taiwan Semiconductor Manufacturing Co. (TSMC) up 4.07% and NIO gaining 4.80%.

A commodities review showed crude oil fell to a five-month low, gold declined, while aluminum prices rebounded.

European stock markets retreated from record highs as investors digested merger and acquisition news.

Key Developments

Former US President Donald Trump marked the launch of the "Trump Account" children's savings program by ringing a bell at the White House.

Bessemer Trust reported that 6 million American children have already opened the exclusive Trump accounts.

Nvidia responded to reports of a delay in its AI server architecture, stating its roadmap has not changed.

Broadcom and Apple have extended their chip supply agreement to 2031, sending Broadcom shares surging over 5%.

Toyota will invest $3.6 billion to build a factory in Texas and shift some truck production there from Mexico.

Coursera is set to cut jobs as part of a restructuring following its merger with Udemy.

Microsoft is laying off 4,800 employees, scaling back its Xbox division, and planning to spin off four game studios.

Separately, Microsoft's Xbox division will cut 3,200 jobs and divest four game development studios.

Hub Group faces another securities fraud lawsuit related to an accounting error.

Saudi Aramco cut the price of its main crude grade for Asia by the most since at least the year 2000.

Two trading teams at Millennium Management reportedly generated profits of about $3.7 billion last month.

Market Commentary

Federal Reserve Governor Christopher Waller defended the use of forward guidance, arguing it can be effective when used properly.

Ned Davis Research has shifted to an overweight stance on European equities.

New research suggests population decline, contrary to common belief, may not hinder economic prosperity.

Traders' bullish sentiment on the US dollar has reached its highest level since 2015.

Hedge funds' bearish bets against the Japanese yen are the most severe since 2007.

Morgan Stanley advises positioning for a fading of expectations for further Fed rate hikes.

An investor group is urging Wall Street regulators to maintain the requirement for quarterly financial reports.

US markets were lifted by a rebound in technology stocks, with AI-related trading regaining momentum.

In currency markets, the US dollar index held largely steady while the yen weakened for a second consecutive day.

Amid a cryptocurrency slump, distressed asset funds are exploring swapping their holdings in Grayscale's Bitcoin Trust (GBTC) preferred shares.

Wall Street's bullish outlook is facing challenges, with veteran strategist Jim Paulsen forecasting the S&P 500 could drop more than 10% this year.

Momentum trading strategies are underperforming, leading to the worst drawdown for quantitative hedge funds since 2023.

In bond markets, US Treasuries were mixed in light trading, with short-dated bonds outperforming. German and UK government bond prices fell, causing their yield curves to steepen.