US close: Chip stocks lead gains as falling oil prices lift mood

9th Jul 2026 23:00

(Sharecast News) - US stocks rose on Thursday, with the tech sector outperforming on the back of strong gains by chipmakers, as a drop in oil prices eased concerns about the renewed conflict in the Middle East.

The Dow gained just 0.3%, but the S&P 500 rose 0.8% and the Nasdaq jumped 1.3%.

Brent crude fell 2.2% to $76.30 a barrel, pulling back after briefly topping the $80 mark on Wednesday for the first time in three weeks, due to the breakdown of diplomatic efforts between Washington and Tehran. Donald Trump announced that the ceasefire was officially "over", claiming that he no longer wants to deal with Iran's leaders.

US forces were given the nod to complete another round of strikes against Iran, with Central Command confirming they had hit more sites in an attempt to further degrading Tehran's ability to attack shipping in the Strait of Hormuz. They hit around 90 military targets, including air defence systems, coastal surveillance assets, missile and drone storage sites, according to a statement.

In response, the Islamic Revolutionary Guard Corps said it had carried out co-ordinated missile and drone strikes against US military bases in Kuwait and Bahrain, and threatened further attacks should the US resume its attacks.

However, Trump also seemed to imply that talks would continue. Despite initially insisting the negotiations were a "waste of time", he later said Iran's leaders had "called a little while ago" and "want to make a deal so badly".

"While the attacks in the Middle East appeared to intensify overnight, there has been little dramatic rhetoric today, leading to hopes that any renewed conflict can be avoided," said Chris Beauchamp, chief market analyst at IG. "Oil prices have dropped back, adding to a positive feeling across the globe, but a potential second round of full-blown conflict looms large in everyone's minds."

In economic news, US initial jobless claims fell to 215,000 last week from an upwardly revised 217,000 the week before, coming in below the 218,000 consensus estimate.

Meanwhile, US existing home sales fell 2.4% to 4.09m in June, down from 4.19m the month before and well below the 4.20m expected by the market.

Chip stocks rise

Semiconductor manufacturer Broadcom was extending gains after signing a $30bn, multi-year agreement with Apple on Wednesday to produce "billions more" US-made chips for the tech giant.

Others in the sector were also making solid gains, such as SanDisk, Micron Technology and Intel. Micron, in particular, was in demand after announcing it is spending up to $3bn to "strengthen the US semiconductor supply-chain ecosystem".

Helping sentiment in the chip sector were reports that South Korean outfit SK Hynix was seeing huge demand for its upcoming initial public offering, with an ADR share sale set to raise $26.5bn. This would represent the largest IPO by a foreign company in US history.

PepsiCo shares dropped after the drinks and snacks group flagged pressure from unpredictable commodity prices and weaker North American food sales, despite posting higher second-quarter profits.

US-listed shares of AstraZeneca also fell sharply after a trial for a treatment for a rare type of heart disease failed to meet its primary objective.

Dow Jones - Risers

Cisco Systems Inc. (CSCO) $118.31 4.83%

Intel Corp. (INTC) $112.54 3.28%

American Express Co. (AXP) $346.72 3.07%

Apple Inc. (AAPL) $316.22 2.63%

Goldman Sachs Group Inc. (GS) $1,055.97 2.56%

JP Morgan Chase & Co. (JPM) $335.47 1.47%

Unitedhealth Group Inc. (UNH) $431.68 1.43%

Home Depot Inc. (HD) $338.73 0.75%

3M Co. (MMM) $155.34 0.41%

Visa Inc. (V) $348.20 0.19%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $162.50 -2.45%

International Business Machines Corporation (CDI) (IBM) $295.30 -2.23%

Dow Chemical Co. (DOW) $28.50 -1.83%

Johnson & Johnson (JNJ) $259.10 -1.63%

Chevron Corp. (CVX) $174.05 -1.09%

Procter & Gamble Co. (PG) $146.85 -1.04%

Caterpillar Inc. (CAT) $938.39 -1.02%

Coca-Cola Co. (KO) $82.63 -0.92%

Boeing Co. (BA) $223.11 -0.82%

Merck & Co. Inc. (MRK) $125.07 -0.73%

S&P 500 - Risers

Ipg Photonics Corp. (IPGP) $108.03 11.43%

Akamai Technologies Inc. (AKAM) $129.52 10.81%

Hewlett Packard Enterprise (HPE) $49.11 9.94%

Norwegian Cruise Line Holdings Ltd (NCLH) $19.76 6.98%

Seagate Technology Plc (STX) $890.09 6.23%

Invesco Ltd. (IVZ) $28.61 5.85%

Advanced Micro Devices Inc. (AMD) $546.72 5.73%

Lam Research Corp. (LRCX) $353.17 5.64%

Alaska Air Group Inc. (ALK) $50.14 5.49%

Freeport-McMoRan Inc (FCX) $60.53 5.27%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Cincinnati Financial Corp. (CINF) $175.43 -5.84%

Vertex Pharmaceuticals Inc. (VRTX) $496.50 -4.72%

Costco Wholesale Corp. (COST) $912.97 -4.38%

PepsiCo Inc (PEP) $137.86 -4.05%

Take-Two Interactive Software Inc. (TTWO) $246.10 -3.51%

Dxc Technology Company (DXC) $9.26 -3.34%

McKesson Corp. (MCK) $792.81 -3.16%

Philip Morris International Inc. (PM) $181.17 -3.15%

Apache Corp. (APA) $33.29 -3.11%

Nasdaq 100 - Risers

Seagate Technology Plc (STX) $890.09 6.23%

Lam Research Corp. (LRCX) $353.17 5.64%

Broadcom Inc. (AVGO) $401.11 5.25%

KLA-Tencor Corp. (KLAC) $229.52 5.08%

Western Digital Corp. (WDC) $578.05 4.88%

Cisco Systems Inc. (CSCO) $118.31 4.83%

Meta Platforms Inc. (META) $631.48 4.78%

Micron Technology Inc. (MU) $991.64 4.55%

Microchip Technology Inc. (MCHP) $88.26 4.44%

Cadence Design Systems Inc. (CDNS) $385.95 4.12%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Vertex Pharmaceuticals Inc. (VRTX) $496.50 -4.72%

Costco Wholesale Corp. (COST) $912.97 -4.38%

Take-Two Interactive Software Inc. (TTWO) $246.10 -3.51%

Biogen Inc (BIIB) $198.91 -2.98%

Charter Communications Inc. (CHTR) $134.35 -2.85%

Liberty Global plc Series C (LBTYK) $10.30 -2.55%

Henry Schein Inc. (HSIC) $83.86 -2.22%

Liberty Global plc Series A (LBTYA) $10.66 -2.20%

Intuitive Surgical Inc. (ISRG) $411.55 -1.91%