By Anvee Bhutani

Wall Street bounced back Monday as investors hit pause on last week's tech selloff. A flurry of corporate deal activity lifted major indexes.

The Dow Jones Industrial Average rose 306.63 points, or 0.59% to 52182.74 points, a fresh record high. The S&P 500 rose 86.41 points, or 1.18%, to 7440.43, while the Nasdaq Composite gained 522.53 points, 2.07% to 25820.14, both snapping five-session losing streaks. According to preliminary data, there were 1524 advancing issues and 1244 declining issues on the NYSE.

Comcast rose 4.4% after the cable giant announced plans to spin off NBCUniversal and Sky into a separate publicly traded company, leaving Comcast to focus on broadband and wireless. Charter Communications rallied 9.4% as investors bet Comcast might pursue an acquisition of its broadband rival after the split.

Rocket Lab agreed to buy satellite operator Iridium Communications in an $8 billion cash-and-stock deal, sending Rocket Lab shares up 16% and Iridium soared 25%.

Martin Marietta Materials fell 5.7% after the building-materials supplier struck a $13.5 billion deal to purchase limestone supplier Lhoist North America, its largest acquisition ever. The combined company is expected to benefit from the boom in data-center construction and semiconductor fabrication, both of which require lime.

Google parent Alphabet was the biggest gainer in the Dow Jones Industrial Average on Monday after it replaced Verizon in the blue-chip index. Alphabet shares rose 4.8%. Verizon fell 5.2% after BT said it would form a joint venture with the U.S. telecommunications provider, and Verizon flagged an anticipated loss of up to $800 million in the second quarter from the deal. Palantir rose 2.4%, further recovering from a multiday losing streak driven by fears about the sustainability of the AI rally.

SpaceX will join the Nasdaq 100 before the market open on July 7, Nasdaq confirmed Monday, accelerating its timeline for inclusion. Shares rose 7.1%, though the stock remains well below its post-IPO highs, closing Monday at $164.06.

Strategy, the bitcoin-hoarding company, rose about 13% after announcing plans to buy back stock and sell bitcoin in a bid to stem a loss of confidence among investors. Bitcoin rose about 1.4%.

Ship traffic in the Strait of Hormuz slowed over the weekend to the lowest since the U.S. and Iran signed a preliminary peace deal, after a cargo ship was attacked Thursday and an oil tanker was hit Saturday. The U.S. and Iran agreed Sunday to halt the exchanges and resume peace talks, with the next round of negotiations expected as soon as Tuesday. Crude oil WTI rose 2.2% to $70.75 a barrel.

Yields on U.S. Treasury bonds rose. The 10-year yield increased 0.003 percentage point to 4.375%. The dollar fell 0.25 percentage point. The euro was last seen at $1.14. Gold slipped 1.40% to $4022.30 per troy ounce.

Looking ahead, Fed Chairman Kevin Warsh is expected to speak Wednesday at the European Central Bank Forum on Central Banking in Portugal. Investors will also be closely watching Thursday's jobs report for June as they try to anticipate the Fed's next move on interest rates. Markets are closed Friday in observance of Independence Day.

Write to Anvee Bhutani at [email protected]