Dow Jones continues to rise! Chip stocks boost the market, even as investors watch for US-Iran tensions.
U.S. and European stock markets closed higher on Thursday (July 9, 2569), boosted by semiconductor and technology stocks, while oil prices fell on hopes that the U.S. and Iran might return to the negotiating table. However, investors continue to closely monitor the conflict in the Middle East and the Federal Reserve's (Fed) interest rate policy.
U.S. stock markets closed higher, with chip stocks leading the market. Lower oil prices also boosted investment sentiment.
U.S. stock markets closed higher on Thursday. The market was boosted by semiconductor stocks after oil prices weakened, easing inflation concerns despite renewed clashes between the US and Iran.
Chip stocks performed strongly, led by Micron Technology, while Sandisk surged. Buying in other technology stocks also helped push the main index higher. In addition, investors are watching for SK Hynix's listing on the US market and Delta Air Lines' second-quarter earnings, to be released on Friday.
- Dow Jones Industrial Average Closed at 52,487.41 points, up 139.02 points (+0.27%)
- S&P 500 Index Closed at 7,543.64 points, up 60.93 points (+0.81%)
- Nasdaq Composite Index Closed at 26,206.89 points, up 336.238 points (+1.30%)
European stock markets closed higher, supported by mining and technology stocks.
European stock markets closed in positive territory. Investors are also monitoring the conflict in the Middle East, and although uncertainty remains, buying in mining, technology, and banking stocks helped push the market higher.
Resource stocks rose sharply, while technology and banking stocks also received buying interest, resulting in most European stock markets closing higher.
- STOXX 600 Index Closed at 640.87 points, up 4.96 points (+0.78%)
- DAX German stock market index Closed at 25,118.27 points, up 220.82 points (+0.89%)
- CAC 40 Index of the French stock market Closed at 8,326.62 points, up 73.96 points (+0.90%)
The UK stock market edged slightly lower as investors became wary of geopolitical risks.
The London stock market closed slightly lower on Thursday. This contrasted with most European stock markets, amid investor caution regarding the escalating tensions between the United States and Iran.
Although the overall market was supported by several industry sectors in Europe, selling pressure in some UK stocks pushed the index into negative territory at close.
- FTSE 100 Index UK Stock Market Closed at 10,472.45 points, down 16.59 points (-0.16%)
Oil prices fell more than 2% on hopes that the US and Iran would return to negotiations.
World oil prices have fallen by more than 2%. Despite the US and Iran launching another retaliatory attack, investors hoped that both sides would return to negotiations, with Qatar and Pakistan acting as mediators.
Although the fighting has slowed shipping through the Strait of Hormuz, the market has not yet assessed the likelihood of a complete closure. Analysts believe that conflicts may continue periodically, but are unlikely to escalate to the point of severely impacting global oil supply.
- WTI crude oil price (August delivery) It closed at $72.08 per barrel, down approximately 2.0%.
- Brent crude oil price (September delivery) Closed at $76.30/barrel, down 2.2%.
Gold prices jumped more than 1% following renewed buying interest as investors watched the Federal Reserve and the Middle East.
Global gold prices rose by more than 1%. Investors engaged in speculative buying following a price drop to a one-week low, as markets continue to monitor tensions in the Middle East and the Federal Reserve's interest rate policy direction.
Analysts believe that if the Fed signals a more dovish monetary policy, gold prices have the potential to continue rising. However, if the Fed needs to raise interest rates further due to inflationary pressures, gold prices may face renewed selling pressure.
- Spot Gold Price Closed at $4,122.15/ounce, up 1.1%.
- US gold futures (August delivery) Closed at $4,134.10/ounce, up 1.3%.
The dollar remained stable as investors watched for potential war and the Federal Reserve's interest rate outlook.
The dollar remained stable against major currencies. After investors assessed the impact of tensions in the Middle East, which could push energy prices and inflation higher, the Federal Reserve is likely to raise interest rates this year.
The June Federal Reserve meeting minutes reflected growing concerns about inflation among the committee members, as markets increased the likelihood of a Fed interest rate hike in 2569, keeping the dollar index stable near its weekly high.
- Dollar Index (DXY) closed at 101.93, unchanged from the previous day.
- Dollar/Yen The yen traded at 162.36 yen per dollar, near its weakest level in 40 years.
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