This content was published on
July 9, 2026 - 15:44
4 minutes
(Bloomberg) — A resurgence in technology companies powered a rebound on Wall Street, with stocks also rising as oil steadied after jumping the most since May amid fresh hostilities between the US and Iran.The tech-heavy Nasdaq 100 added 1.3%. A closely watched gauge of chipmakers climbed 5%. Micron Technology Inc. is raising its planned spending on new plants in the US to $250 billion to help meet solid memory demand fueled by the rapid expansion of artificial-intelligence infrastructure. SK Hynix Inc.’s US listing was said to be more than seven times oversubscribed.A wild ride for tech stocks in recent weeks has left investors looking for fresh validation of the AI trade. While semiconductor shares just wrapped up their best quarter on record, volatility has intensified amid questions over rising competition, potential overcapacity and the payoff from massive investments.Those questions have intensified at a time when geopolitical risks resurfaced. The US military attacked Iran for a second day and Tehran retaliated against American allies in the Persian Gulf, raising fears of a return to war after little progress in efforts to secure a diplomatic outcome.Still, tech has outperformed during the latest bout of market volatility as investors rotated away from sectors directly impacted by the conflict and toward the industry’s strong expectations ahead of earnings season, according to Mason Mendez at Wells Fargo Investment Institute.“Investors are much more focused on the upcoming earnings season than they are on the geopolitical front,” said Matt Maley at Miller Tabak.Corporate Highlights:SK Hynix Inc. is telling investors it intends to price its US listing at $149 per American depositary receipt, according to people familiar with the matter, despite recent volatility in the Korean memory chipmaker’s shares. Meta Platforms Inc. fell after Reuters reported that the social-media company plans to start manufacturing its AI chip in September, citing an internal memo from the company. Starbucks Corp. is developing in-house tools with the help of artificial intelligence that could replace some software applications it now buys from companies such as Microsoft Corp. and International Business Machines Corp. PepsiCo Inc. said consumers pulled back in the second quarter as gas prices rose, slowing its efforts to revitalize its North American snack business. Levi Strauss & Co. raised its full-year projections for a second straight quarter as an expanded selection of apparel and a focus on the denim brand’s own stores and website start to pay off. AstraZeneca Plc said a gene silencer drug it’s developing with Ionis Pharmaceuticals Inc. failed to help prevent heart problems in patients with a rare and potentially fatal disease. Bloom Energy Corp. rejected as “false and misleading” a report from Hunterbrook Media that said the US company’s fuel-cell supply chain is dependent on imports of a rare earth mineral from China.Some of the main moves in markets:StocksThe S&P 500 rose 0.4% as of 9:43 a.m. New York time The Nasdaq 100 rose 1.3% The Dow Jones Industrial Average was little changed The Stoxx Europe 600 rose 0.6% The MSCI World Index rose 0.5% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1436 The British pound was little changed at $1.3399 The Japanese yen rose 0.2% to 162.32 per dollar CryptocurrenciesBitcoin rose 1.1% to $62,756.11 Ether rose 0.3% to $1,740.66 BondsThe yield on 10-year Treasuries declined two basis points to 4.56% Germany’s 10-year yield was little changed at 3.10% Britain’s 10-year yield declined six basis points to 4.92% CommoditiesWest Texas Intermediate crude fell 0.9% to $72.86 a barrel Spot gold rose 1.2% to $4,125.07 an ounce ©2026 Bloomberg L.P.
