#道琼斯指数创历史新高 The Dow Jones Industrial Average hit a new record closing high for the second consecutive day, mainly due to

The official inclusion of Alphabet into the Dow Jones Industrial Average on the day it was added, driving a +4~5% boost; the S&P 500 and Nasdaq themselves have not yet seen clear reports of "new record highs," and the indices are still in a phase of recovering from the previous pullback.

The Nasdaq (+1.52%) was significantly stronger than the S&P 500 (+0.79%), with tech/semiconductors leading this rebound.

The Russell 2000 (+0.46%) outperformed the S&P 500 but underperformed the Nasdaq, with small caps participating but not leading.

Semiconductors were the strongest sector of the day, with multiple leading stocks rising 6%-11% (Intel +6%, Micron-related +10.9%, Marvell +7.3%, AMD +7.7%), and the SOX index continued to lead the broader market directionally.

The VIX dropped sharply to 16.45, with risk aversion significantly easing, but it should be noted that it is still at a "low level," and the cost of hedging implied volatility is low. If data disappoints, the fragility of the rebound increases.

Intraday Trading Review
Pre-market:
Tuesday was the last trading day of the second quarter. The market's focus was on the May JOLTS job openings data released during the session (market expected a slight decline to 7.3M) and the upcoming June non-farm payrolls report, which was moved to Thursday due to the July 4 holiday. On Monday (6/29), the Dow closed above 52,000 points for the first time, hitting a record high, mainly driven by the official inclusion of Alphabet in the Dow, up about 4%-5% that day. At the same time, the Supreme Court ruled that Federal Reserve Board Governor Lisa Cook could remain in office, and the U.S. and Iran agreed to suspend their "tit-for-tat" military conflict. These two positives boosted risk appetite.

Open: Tuesday opened mixed — the S&P 500 was roughly flat (+0.03%), the Dow edged lower (-0.24%), the Nasdaq rose modestly (+0.29%), and the Russell 2000 was flat. Last Friday (6/26), the S&P 500 briefly broke below its 50-day moving average for the first time since April, highlighting the relative weakness of large-cap tech stocks.

Intraday: The semiconductor sector accelerated noticeably after noon, driving the Nasdaq's gains to expand to over 1.5%; oil prices continued to decline, with WTI briefly falling below $70, easing market concerns about cost-push inflation and helping to lower short-end inflation expectations.

Close: The three major indices closed strong into the final stretch, with the Dow hitting a record closing high for the second consecutive day. Market commentators noted that the extent to which this rebound is driven by "quarter-end portfolio rebalancing + short covering" rather than fundamental-driven "sustainable buying" remains to be validated by next week's trading.

Core Drivers: The core of the day's rally was the collective rebound of semiconductor stocks (supported by strong guidance/upgrades/positive supply chain news), combined with falling oil prices easing inflation concerns. Although macro interest rates were hawkish (the market shifted to discussing rate hikes), they did not suppress risk appetite in the short term, exhibiting a "buy the dip" characteristic, along with quarter-end positioning effects.$US30 ‌