Market Report, 2026-07-09

Stocks reversed course and bounced back on Thursday, an increasingly common theme in recent months as bulls and bears collide more intensely. The swing has been concentrated among chipmakers, as shown by the more frequent cases of semiconductor stocks bouncing up and down more than 4% and occasionally experiencing double-digit swings both ways within the same week. Today, the rally was driven by increasing investment in Micron Technology, changes in Chinese export policies, and the oversubscription of SK Hynix’s U.S. listing.

The Dow Jones Industrial Average rose 139 points to 52,487. The Nasdaq rose 1.3% to 26,207. The S&P 500 bounced back to 7,544, finishing 0.81% higher. The technology sector led today’s rally, gaining more than 2%, while other risk assets also posted meaningful gains.

The bond market held steady, with the 5-year U.S. Treasury yield declining 3 basis points to 4.28% and the 10-year yield declining 2 basis points to 4.55%. Gold also received a boost.

The market was also pricing in a greater likelihood that any reignition of the conflict with Iran would be either short-lived or well-contained, considering that economic data did not show significant changes from prior periods, while oil prices saw minor declines and remained far below April levels even as the two sides traded air strikes.