US indices advance higher as Dow Jones breaks above 53,000

On Monday, Wall Street closed higher, with the Dow setting a fresh record above 53,000. Technology stocks outperformed as semiconductor shares rebounded, helping lift the Nasdaq Composite by more than 1%.

Dell gained over 4% after President Donald Trump publicly endorsed the companys products, while Microsoft declined following the announcement of 4,800 job cuts.

In early trading today, U.S. stock futures were mixed after the Dow Jones reached a new record high above 53,000. Dow futures edged up 0.1%, while S&P 500 futures slipped 0.2% and Nasdaq-100 futures fell 0.9%.

Asian markets traded lower, led by South Korea‘s Kospi, which dropped 7.5%. Japan’s Nikkei 225 and Australias ASX 200 also declined.

Investors remain optimistic as strong and broad-based corporate earnings continue to support equities, with attention now turning to the upcoming U.S. trade deficit data due later Tuesday. Gold remains under pressure but continues to hold above $4,100 as a stronger U.S. dollar and rising Treasury yields weigh on the precious metal.

Oil prices are rising due to renewed tensions in the Strait of Hormuz, including reports of an oil tanker being struck, which has increased inflation concerns and supported the dollar.

However, weaker-than-expected U.S. Nonfarm Payrolls have reduced expectations of further Federal Reserve rate hikes, limiting the dollar‘s strength and helping to cushion gold’s downside.

The latest ISM Services PMI came in at 54.0, meeting expectations and having little impact on market sentiment.

Investors are now focused on the FOMC Minutes due on Wednesday for further clues on the Feds policy outlook, while geopolitical developments in the Middle East remain a key driver for both gold and the U.S. dollar.