Dow jumps 230 points as chip stocks rebound ahead of Big Tech earnings

• The Philadelphia Semiconductor Index had fallen over 20% from its late-June record high, entering bear market territory, before rebounding 4.5% with Intel up 6% and Marvell, Micron, and Astera Labs each gaining more than 5%
• Oil prices remained volatile, with WTI crude rising 2% above $85 per barrel and Brent above $91 amid conflicting signals: a proposed 10-day US-Iran ceasefire versus Yemen's Houthi naval blockade plans on Saudi Arabia
• Of the 54 S&P 500 companies reporting Q2 earnings so far, 87% have beaten analyst estimates; President Trump announced 50% tariffs on Canadian imports with fresh tariffs on dozens of countries expected this week

Market Summary: Dow Gains 230 Points on Chip Rebound

Market Performance:

U.S. stocks opened higher on Tuesday, July 21, 2026, with the Dow Jones Industrial Average gaining 234 points (+0.45%), the S&P 500 advancing 0.58%, and the Nasdaq Composite leading with a 0.8% rise.

Semiconductor Sector Rebound:

Chip stocks drove the rally after recent sharp declines, with the Philadelphia Semiconductor Index (SOXX) gaining 4.5% for a second consecutive day. Notable performers included:

• Marvell Technology, Micron Technology, and Astera Labs: each up over 5%
• Intel: rose over 6% ahead of quarterly earnings

Despite the recovery, the semiconductor index remains 20% below its late-June high (bear market territory) but still up 66% year-to-date.

Earnings Season:

Investors await critical Big Tech earnings from Alphabet, Tesla, Intel, and IBM, focusing on AI spending and capital expenditure guidance. Of the ~54 S&P 500 companies reporting second-quarter results, 87% have exceeded analyst estimates. 3M and General Motors both beat expectations, while Halliburton declined 7.1% despite positive results.

Geopolitical and Energy Concerns:

Ongoing U.S.-Iran conflict tensions supported oil prices, with WTI crude rising ~2% to above $85/barrel and Brent crude gaining ~2% to above $91/barrel. Iran reportedly received a 10-day ceasefire proposal, though Yemen's Houthis threatened a Saudi Arabia naval blockade, raising energy supply disruption concerns.

Trade Policy:

President Trump announced 50% tariffs on Canadian imports, with fresh tariffs on dozens of countries expected this week as the current 10% global tariff expires Friday.

Sector Weakness:

Software stocks declined following Morgan Stanley downgrades, with Adobe, Intuit, Workday, and Salesforce each falling over 2%.