The index closed at 7575, supported by a rebound in semiconductor stocks and key earnings reports from major banks this week.
The S&P 500 gained 0.42% to close at 7575, capping a week of strength driven by stabilizing chip stocks and a 2.70% rebound in the Philly semiconductor index. The rally marked a 1.23% weekly advance for the benchmark index.
This week’s focus shifts to Q2 earnings, with JPMorgan, Bank of America, Goldman Sachs, Wells Fargo, and Citigroup reporting Tuesday. Midweek brings cross-sector updates from Morgan Stanley, ASML, Johnson & Johnson, and BlackRock, while Thursday features TSMC, Netflix, and General Electric.
Market sentiment will also hinge on Fed Chair testimony and key inflation data, including CPI and PPI reports, which could influence expectations for monetary policy.