U.S. Stocks Close Higher Across the Board, Tesla Leads Tech Stocks as SanDisk’s Price Target Is Substantially Raised

As of June 30 Beijing time, all three major U.S. stock indexes rose together. The Dow gained 0.59%, closing above 52,000 points for the first time; the S&P 500 rose 1.18%; and the Nasdaq jumped 2.07%, ending a five-day losing streak. The technology growth sector led the gains, with communications services the strongest performer.

Large-cap tech stocks saw mixed moves. Tesla (TSLA.O) surged 8.46% to $411.84. Morgan Stanley was optimistic about its demand recovery, and U.S. regulators ended their investigation into its turning/steering-related issues. Google rose nearly 5%, Amazon rose 3.2%, and Meta rose 2.24%; Nvidia rose 1.27%, reversing its prior weakness. However, Apple and Microsoft fell 0.72% and 1.18%, respectively.

SpaceX (SPCX.O) jumped 7.15% to $164.19, after being formally included in the Nasdaq 100 index on July 7, which is expected to bring nearly $4 billion in passive fund buying. Cathie Wood’s ARK Invest had already built positions in advance. However, Castle Securities warned that high interest rates may weigh on growth stocks.

The chip sector staged a sharp V-shaped rebound. The Philadelphia Semiconductor Index closed up 3.83%. It had fallen more than 4% earlier in the session, and its cumulative gain for the year reached 93.55%. Western Digital rose more than 11%, Corning surged 15.67%, and Applied Materials, TSMC, and others all rose by more than 5%.

In terms of individual stock focus, SanDisk (SNDK.O) saw its price target sharply raised by Bernstein, from $1,700 to $3,000—its highest institutional estimate—implying 50% upside potential. The research report noted that its long-term storage agreements have shifted in favor of suppliers, with a floor price of approximately $0.29 per GB. However, SanDisk’s share price actually fell 1.93% on the day, closing at $2,050.39, as the market may be concerned about short-term supply and demand in the storage industry.

On the macro front, the ongoing geopolitical situation between the U.S. and Iran continued to weigh on the market. Iran denied recent arrangements for talks with the U.S. In commodities, WTI crude oil rose 2.2% to $70.75 per barrel, while gold fell 1.7% to $4,028.80. U.S. Treasury yields edged higher.

Due to the Independence Day holiday, U.S. stocks will be closed this Friday (July 4).
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