Chip Rally Lifts Nasdaq, S&P 500 as Micron's $250B Plan Offsets Iran Tensions

Wall Street rebounded on Thursday, July 9, with the Nasdaq surging 1.3% as a rally in semiconductor stocks, led by Micron Technology's $250 billion U.S. investment plan, overshadowed renewed U.S.-Iran military strikes. The S&P 500 rose 0.8% and the Dow gained 139 points, while oil prices fell 2.2% to $76.30, easing inflation fears. Jobless claims dropped to 215,000, reinforcing labor market resilience ahead of earnings season.

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Nasdaq surges 1.3% as chip stocks rally on Micron's $250B investment plan The tech-heavy Nasdaq closed at 26,206.89, leading a broad market rebound as Micron Technology jumped 4.5% after announcing plans to invest over $250 billion in U.S. memory chip production through 2035 to meet AI demand. The PHLX chip index surged 3.06%, with Applied Materials up 3.2% and Sandisk up 7.6%, while Meta Platforms rose on plans to manufacture its own AI chips starting in September. 1 2 3 4 5 6 7 8 9

Dow snaps 3-day losing streak, rises 139 points as oil eases and jobless claims fall The Dow Jones Industrial Average gained 139.02 points (0.27%) to close at 52,487.41, rebounding after three consecutive declines. The rally was supported by a 2.2% drop in Brent crude oil to $76.30 per barrel, easing Middle East supply fears, and a Labor Department report showing initial jobless claims fell to 215,000, below the 218,000 consensus estimate, signaling labor market resilience. 2 6 10

S&P 500 rises 0.8% to 7,543.64, recouping prior session's losses The S&P 500 climbed 60.93 points (0.81%) to 7,543.64, recovering all of Wednesday's decline, as seven of 11 sectors rose led by information technology (+1.65%) and consumer discretionary (+1.46%). The index remains up about 10% year-to-date and less than 1% below its June 2 record close, with analysts expecting S&P 500 earnings to grow 24% year-over-year in the upcoming reporting season. 2 5 8

SK Hynix prices $26.5B Nasdaq IPO at $149 per ADR ahead of Friday debut South Korean memory chipmaker SK Hynix priced its American Depositary Receipts at $149 each, raising approximately $26.5 billion for its Nasdaq listing under ticker SKHY. The offering was reportedly more than seven times oversubscribed, reflecting strong investor demand for AI memory chips, with proceeds earmarked for new factories and equipment to support rising demand for high-bandwidth memory used in AI processors. 11

PepsiCo Q2 revenue rises 6.4% to $24.18B, led by international growth PepsiCo reported stronger-than-expected second-quarter results with net revenue rising 6.4% year-over-year to $24.18 billion, driven by international operations and its beverages business. Organic revenue grew 2.4% with core earnings per share up 4% to $2.20, as the company reaffirmed its fiscal 2026 outlook despite continued cost pressures and softer pricing in parts of North America. 12

WD-40 posts 24% Q3 sales growth, lifts 2026 outlook and unveils $100M buyback WD-40 Company reported strong fiscal third-quarter results with net sales rising 24% to $195.1 million, driven by double-digit growth across the Americas, EIMEA, and Asia-Pacific regions. Gross margin improved to 56.6%, and the company raised its full-year 2026 guidance while authorizing a $100 million share repurchase program. 13