By Heard on the Street Staff

This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.

What Happened in Markets Today

Tech stocks rallied back after fizzling before the holiday. Following a selloff last week, the Nasdaq Composite turned green again on Monday. It jumped 1.1%, following two down sessions to end the truncated week heading into the July 4 weekend. The S&P 500 joined in, rising 0.7%. The Dow Jones Industrial Average added 155 points, or 0.3%.

SpaceX prepared for Nasdaq-100 entry. The newly public space giant will benefit from new fast-track entry rules to join the exchange's index of its largest listings on Tuesday. SpaceX shares rallied a bit into the close on Monday, when index funds were expected to start buying. It ended the session down about 1%, after spending part of the late afternoon down more than 3%.

SK Hynix lowered its target for its huge U.S. share offering. The South Korean chip-maker now plans on raising $28 billion in a U.S. listing in the coming days. That is slightly less than originally sought, due to a recent share-price decline. In the meantime, a Tuesday earnings update from Samsung Electronics will be closely watched.

Fed's Waller said risks facing the central bank have flipped. Federal Reserve Governor Christopher Waller said Monday that while the U.S. labor market "seems to be stabilizing," by contrast "inflation's been taking off." This is a reverse of what was going on last year when he had advocated for rate cuts. Ten-year U.S. Treasury yields ticked slightly higher on Monday, rising for the fifth consecutive trading day.

Crude prices slipped further. Brent crude futures dipped 0.2%, to about $72 a barrel, hovering around pre-conflict levels. Several OPEC+ members on Sunday said they would increase production in August. Some analysts say the world is now facing a potential supply glut, though shipping risks and unresolved U.S.-Iran issues remain.

Markets at a Glance

One Big Story

Strategy, the bitcoin-hoarding company led by Chairman Michael Saylor, is caught in a math trap of its own making.

Saylor has trained investors to believe Strategy's model for acquiring bitcoins would work so long as the market valued the company at a premium to the value of its bitcoin holdings.

But that metric began showing the market was valuing Strategy at a discount to the value of its bitcoins. Adding to the strain: The metric is artificially inflated because it ignores sharp declines in the value of some of the company's securities.

What's Coming Up

  • Samsung Electronics is reporting preliminary second-quarter earnings Tuesday.
  • Later this week, PepsiCo, Levi Strauss and Delta Air Lines are set to report quarterly earnings.
  • On Wednesday, the Fed will release the minutes of its most recent meeting.

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About Us

Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Telis Demos, a writer for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.