Dow Jones nears record high: The index surged ~700 points (+1.3%) to just under 52,900, powered by a rotation out of tech and into old-economy names.
Semiconductor massacre deepens: The Philadelphia Semiconductor Index has tumbled ~17% in July, with SK Hynix down 15% and Samsung off 13% in a single Asian session that triggered circuit breakers.
Fed decision day arrives: All eyes are on Kevin Warsh's first meeting as Chair; markets price a **27-38%...
