WS #11756
US equity markets closed higher on Thursday, with the Nasdaq 100 surging 1.62% led by a semiconductor rebound, despite escalating US-Iran military conflict. Chip stocks rallied on dip-buying and positive catalysts: Micron announced a massive $250B US investment plan through 2035, sending shares up 6%, while SK Hynix priced its US ADR listing at $149. Oil prices pulled back ~2-3% as tanker traffic through the Strait of Hormuz continued, reducing the geopolitical risk premium. This oil decline dampened energy stocks (HPK -7.1%, KOS -6.5%, DHT -5%) but supported broader indices. The White House announced adjustments to imports of commercial aircraft and jet engines under Section 232, directing negotiations with trading partners. Coinbase's top legal exec Paul Grewal resigned after the SEC fight, while Grayscale's CFO also exited. PepsiCo fell to a 1-year low despite beating Q2 estimates. The prevailing narrative is a tech-led rally resilient to geopolitical noise, with oil's retreat acting as a counter-signal to the Iran war escalation thesis.
Topics
Key developments
- Micron raises US investment plan to $250B through 2035, stock jumps 6%
- Oil prices pull back 2-3% as Strait of Hormuz tanker traffic continues despite US-Iran strikes
- White House adjusts commercial aircraft imports under Section 232, directs trade negotiations
- Coinbase CLO Paul Grewal resigns after SEC legal victory; Grayscale CFO exits
- PepsiCo falls to 1-year low despite beating Q2 revenue estimates