The S&P 500 rose 0.56% to 7,524.39, the Nasdaq Composite climbed 0.78% to 26,073.17, and the Dow Jones Industrial Average added 0.24% to 52,473.28 as AI hardware and semiconductor strength drove a midday rebound. Micron Technology jumped 7.5% after announcing a $3 billion investment in the U.S. semiconductor supply chain, with Advanced Micro Devices surging 7.2% and the iShares Semiconductor ETF rising 5.2%. Despite the U.S. launching new airstrikes against Iran early Thursday, and Tehran responding by targeting Gulf countries, traders pivoted to fundamentals.
→ Into the close: Watch for any fresh Iran headlines or oil reaction; market mood seems to have shifted decisively toward earnings and fundamentals over geopolitics.
→ Earnings next week: The third earnings season of 2026 (covering Q2 results in most cases) starts next week, with hundreds of big-ticket banks and tech stocks posting their financial updates over the coming month.
→ Fed focus: The minutes of the Fed's June FOMC meeting revealed that the Fed officials were divided about the future trajectory of the interest rate movement, with both sides expressing arguments in favor of a rate hike or cut, and the movement of the inflation rate likely to be the key determinant of the central bank's interest rate decision.