Chipmakers' Rise and the Drop in Oil Prices: Nasdaq Has Nearly Recovered from July's Plunge
Photo: X / NYSE
Major U.S. market indices rose on Thursday, July 9, while oil prices fell, despite rising tensions in the Persian Gulf and a reduction in shipping through the Strait of Hormuz, according to CNBC. The market was buoyed by rising chipmaker stocks. Micron Technology announced that it plans to increase spending on new factories in the U.S. to $250 billion due to high demand for memory chips. The U.S. market offering by its South Korean competitor, SK Hynix, was oversubscribed more than seven times, underscoring strong demand for semiconductor stocks, according to Bloomberg.
Details
— The S&P 500 broad-market index rose 0.8% on July 9.
— The Nasdaq Composite technology index jumped 1.3%, nearly fully recovering from its decline since early July, according to MarketWatch.
— The Dow Jones Industrial Average, a "blue-chip" index, rose 0.3%.
— The Russell 2000 Small- and Mid-Cap Index rose 1.3%.
— Brent crude oil futures fell 2.5% and were trading at just over $76 per barrel. North American WTI was trading at just under $72 per barrel.
This news story is being updated.
This article was AI-translated and verified by a human editor
