This content was published on
July 9, 2026 - 12:45
5 minutes
(Bloomberg) — Stocks climbed and oil fluctuated as investors speculated that tensions between the US and Iran will remain contained. Chipmakers rallied across regions.S&P 500 futures rose 0.1% and Nasdaq 100 contracts gained 0.6%. Brent traded near $78 a barrel after swinging between gains and losses. Semiconductor stocks advanced in Asia, Europe and US premarket trading as SK Hynix Inc. drew strong demand for its offering of American depositary receipts. A disappointing trial for a heart disease drug sent AstraZeneca 9.3% lower in London.The calmer mood in markets comes despite an escalation of violence in the Middle East that is threatening efforts to reach a permanent US-Iran peace deal. The US military hit about 90 Iranian targets Wednesday to degrade Tehran’s ability to attack commercial shipping in the Strait of Hormuz.Traders say that while the tensions reflect the fragile nature of the truce between the sides, neither government would want a full-scale return to war and that the parties would likely return to negotiations.“This is the new status quo; it’s an uneasy equilibrium, but an equilibrium nonetheless,” said Geoff Yu, a senior macro strategist at BNY. “You just need to factor in the volatility in your asset allocation.”Global bonds were modestly higher as two days of an oil-driven selloff came to an end. The yield on two-year Treasuries eased two basis points to 4.20%. The dollar was little changed.After Wednesday’s minutes of the Federal Reserve’s June meeting showed that some committee members saw a case for a rate increase, traders will now wait for next week’s inflation data and Chair Kevin Warsh’s testimony to lawmakers for another steer on the path for interest rates. New York Fed President John Williams will take part in a moderated discussion later on Thursday.“The only reason the July meeting wasn’t live was because oil prices were basically where they started the war,” Bob Elliott, chief investment officer at Unlimited Funds, told Bloomberg TV. “That’s changed. The conflict in Iran and the Hormuz problem has not really been resolved.”PepsiCo Inc. narrowly missed estimated for second-quarter organic sales growth as the earnings season for the June quarter got underway. Levi Strauss & Co. fell 6% in premarket trading after raising its full-year forecast less than investors expected.After a blistering second-quarter rally in chipmakers, massive spending commitments are set to sustain the investment theme around artificial intelligence for two to three years, according to BlackRock Inc.’s Helen Jewell. This will happen even as tech giants gradually turn cash-flow negative and start raising debt to fund their buildouts.“From an investment perspective, you lean into the AI theme, you do the secondary beneficiaries of that, but you need to diversify those portfolios,” Jewell told Bloomberg TV. “Healthcare, Latam, even the UK.”Corporate News:SK Hynix Inc.’s US listing is more than seven times oversubscribed, according to people familiar with the matter, as the South Korean memory chipmaker prepares to price its offering Thursday. AstraZeneca and Ionis Pharmaceuticals Inc.’s gene silencer drug Wainua failed to help prevent heart problems in patients with a rare and potentially fatal disease of the organ. AstraZeneca’s shares slumped. Porsche AG deliveries slumped 16% in the first half, dragged down by weak demand in its biggest market of North America and a decline of nearly a third in China, adding to the gloom enveloping Germany’s autos sector. Deutz AG agreed to buy military vehicle maker Flensburger Fahrzeugbau Gesellschaft mbH for €1.6 billion ($1.8 billion), expanding further into the defense sector to benefit from Europe’s rearmament drive. Some of the main moves in markets:StocksS&P 500 futures rose 0.1% as of 6:40 a.m. New York time Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average were little changed The Stoxx Europe 600 rose 0.2% The MSCI World Index rose 0.1% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1428 The British pound rose 0.1% to $1.3404 The Japanese yen was little changed at 162.43 per dollar CryptocurrenciesBitcoin rose 1.3% to $62,856.44 Ether rose 1% to $1,752.2 BondsThe yield on 10-year Treasuries was little changed at 4.58% Germany’s 10-year yield advanced one basis point to 3.10% Britain’s 10-year yield declined four basis points to 4.94% CommoditiesWest Texas Intermediate crude rose 0.2% to $73.65 a barrel Spot gold rose 0.6% to $4,103.67 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Cecile Gutscher.©2026 Bloomberg L.P.
