U.S. stocks closed: Star storage stocks soared by double digits collectively, chip stocks rebounded, and the Philadelphia Index rose more than 5%
Financial Associated Press, July 22 News: On Tuesday (July 21), U.S. stocks opened higher and closed higher. The three major indexes collectively rose, ending three consecutive declines. As of the close, the Dow Jones Index rose 0.74% to 52224.64 points; the S&P 500 Index rose 0.89% to 7509.20 points; the Nasdaq Composite Index rose 1.29% to 25837.21 points.
Financial News Agency, July 22. On Tuesday (July 21), U.S. stocks opened higher and closed higher. The three major indexes collectively rose, ending three consecutive declines. As of the close, the Dow Jones Index rose 0.74% to 52224.64 points; the S&P 500 Index rose 0.89% to 7509.20 points; the Nasdaq Composite Index rose 1.29% to 25837.21 points. The semiconductor industry boosted the overall market, with the VanEck Semiconductor ETF (SMH) closing up 4.52% and the iShares Semiconductor ETF (SOXX) rising 5.45%, helping the Nasdaq outperform the other two indexes. Nasdaq Composite Index Heat Map The Philadelphia Semiconductor Index rose 5.21%, its largest single-day gain since June 22, with 30 constituent stocks closing higher collectively. Intel rose 8.64%, AMD rose 8.11%, and ARM rose 7.46%; the smallest increase was Qualcomm, which rose 1.87%, and Nvidia, which rose 1.97%. Storage concept stocks rebounded violently, with Roundhill Storage ETF (DRAM) closing up 10.91%, SanDisk up 14.27%, SK Hynix up 13.75%, Western Digital up 12.51%, Micron Technology up 12.17%, and Seagate Technology up 11.14%. Affected by the surge in storage stocks, the Direxion 3x Long Korea ETF (KORU) closed up 18.03%, and the iShares MSCI Korea Index ETF (EWY) rose 6.16%. Optical communication concepts also collectively strengthened, with Applied Optoelectronics rising by 12.76%, Coherent rising by 11.15%, Lumentum rising by 9.41%, Marvell Technology rising by 6.68%, and Corning rising by 6.08%. Adam Turnquist of LPL Financial commented that the previous correction seemed more like a healthy reset after the parabolic rise rather than a breakdown in the fundamentals of the AI investment theme. UBS's trading desk believes now may be a good time to re-establish a position in chipmaker shares as the decline in momentum stocks comes to an end. Investors appear to be paying less attention to the latest developments in the Middle East conflict and instead focusing on corporate profits. 3M's second-quarter profit was better than expected, closing up 7.32% and leading the gains in the Dow components. According to FactSet statistics, of the approximately 66 S&P constituent companies that have released financial reports, nearly 88% have exceeded expectations. Major companies scheduled to report earnings later this week include Google, IBM and Tesla. Ret Kenwell, US investment analyst at eToro, said: "The next two weeks will be a critical period in determining corporate earnings, not just technology companies. The broader message has been clear: Companies that fail to meet Wall Street's high standards will be punished." "This is in sharp contrast to last quarter, when uncertainty lowered expectations and investors just wanted to see that geopolitical turmoil did not impact U.S. companies. With U.S. stocks near all-time highs, the market will be harsh." Technology giants had mixed gains and losses. (Arranged by market value) Apple rose 0.35%, Google C fell 1.47%, Microsoft fell 1.13%, Amazon fell 0.98%, Meta fell 0.32%, and Tesla rose 2.53%. SpaceX rose 3.08%, ending its seven-game losing streak. Most cloud computing service providers rose, with CoreWeave rising 8.92%, Hut 8 rising 7.98%, and IREN rising 2.71%. NEBIUS rose 18.78% as Nvidia reported that it held a 9.3% passive stake in it. Cryptocurrency concept stocks strengthened, with Coinbase rising 9.61% and Strategy rising 4.22%. News that the White House has reached agreement on the Clarity Act ethics package has cleared the last major hurdle for crypto regulatory legislation. In terms of Chinese concept stocks, Livermore's leading index of Chinese concept stocks closed up 1.06%, and the Nasdaq China Golden Dragon Index fell 0.68%. Popular Chinese concept stocks were mixed, with Futu Holdings rising 5.47%, Pony.ai rising 2.98%, and Xpeng Group rising 1.06%; Tencent Music falling 2.51%, Alibaba falling 1.97%, Baidu falling 1.45%, and Pinduoduo falling 1.42%.
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