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Stock Market Today: Nasdaq Rises on Chip Stock Gains, Oil Climbs

Major U.S. stock indexes have staged a sharp rebound driven by surging chip stocks following key Microsoft earnings results.

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Times Square Nasdaq Closing Bell Ceremony 2013 Berenberg.JPG
Illustrative image: Zef Nikolla · CC BY-SA 4.0

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What happened

Earlier in the month, indexes experienced downward pressure as chip-related stocks like Nvidia, Micron, and Sandisk faced significant selling. During this period, oil prices also saw notable shifts, with reports observing a 6% drop amid cooling tensions in the Middle East and the pause in U.S.-Iran hostilities. Following the mid-month slide, the Nasdaq posted its strongest daily performance since June. This shift coincided with a surge in Microsoft's Azure revenue, which acted as a catalyst for a broader recovery across the semiconductor industry. Coverage from outlets such as Yahoo Finance and Investopedia confirms that while the Nasdaq recently neared correction territory, the late-month recovery helped major indexes regain momentum.

GDP growth slowed while PCE figures aligned with analyst expectations, allowing investors to shift focus toward upcoming corporate performance. The market remains sensitive to these indicators as firms navigate an earnings season that previously saw declines for companies like Tesla. Currently, the focus among traders has moved toward pending earnings reports from major tech entities, including Amazon. While the broader market displays resilience, the performance of the semiconductor sector continues to act as a primary driver for the Nasdaq and S&P 500. Investors are now watching these high-profile earnings to determine if the recent tech-led rebound can be sustained against the backdrop of slower economic growth.

Wall Street's trajectory remains dependent on the interplay between big tech earnings and shifting sentiment toward AI-related equities. Although previous sessions were marked by losses for major indexes, the most recent activity suggests a consolidation of gains for the Dow Jones and a renewed rally for the Nasdaq. Analysts continue to monitor how these developments will influence trading conditions heading into the next cycle of federal decisions.

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Who reported it (27)

Questions people are asking

What triggered the recent rebound in chip stocks?

Coverage indicates that positive quarterly results from Microsoft and specifically its Azure revenue surge acted as the primary catalyst for the recovery in chipmakers.

How did oil prices influence the markets in late July?

Oil prices experienced a decline, including a 6% drop, which was attributed in news reports to a pause in U.S.-Iran hostilities and cooling regional tensions.

What are investors watching next?

Market attention is currently directed toward upcoming earnings results from major technology firms, specifically Amazon.

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LIVE Stock market today: Dow rises, S&P 500 and Nasdaq slip as chip stocks tank, oil surges

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Topics

Nasdaq Semiconductors Microsoft Stock Market Earnings Oil

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