Today proved that geopolitical risk and semiconductor fundamentals run on different clocks. Even as US strikes on Iran continued for a second straight day following Trump's ceasefire termination, the Nasdaq rallied 1.30%. Equally notable: Brent crude, which spiked 4.4% the day before (its biggest jump since May), unwound below $73 within 24 hours as markets recognized the scale of any actual supply disruption remains unclear and quickly priced out the geopolitical premium. The real story was semiconductors. The sector, battered by yesterday's Samsung-triggered selloff, rebounded on Micron's $3 billion domestic supply-chain investment announcement. ARM (+9.2%) and AMD (+5.7%) suggest yesterday's panic was overdone. Meta's AI cloud-leasing business model continuing to lift its shares is also worth watching. None of this means the crisis is over, though — geopolitical risk remains live, and tomorrow's $29 billion SK Hynix Nasdaq ADR debut is a major liquidity test for the market.
📊 Top Movers
🧭 Sector Performance
🇰🇷 Korean Investor Perspective
The USD/KRW plunged 13.38 won to 1,506.48, its second consecutive sharp daily drop. With yesterday's chip-selloff shock largely unwound in a single session, Korean investors in domestic semiconductor names should expect today's US chip rebound to feed through positively tomorrow. Especially notable: SK Hynix's $29 billion Nasdaq ADR listing tomorrow (July 10) — the largest-ever US IPO by a foreign company — will draw heavy attention from Korean retail investors. QQQ tracked the Nasdaq's +1.30% gain, and 3x leveraged TQQQ holders likely saw a rebound near +3% today. Micron's rebound (+4.52%) is a positive read-through for the broader SK Hynix/Samsung memory value chain.
📊 Market Overview
Wall Street closed higher across all three major indices, powered by a semiconductor rebound even as geopolitical tensions persisted. The Nasdaq led with 26,206.89 (+1.30%), followed by the S&P 500 at 7,543.64 (+0.81%) and the Dow at 52,487.41 (+0.27%).
Despite US strikes on Iran continuing for a second day following Trump's ceasefire termination announcement yesterday (7/8), markets staged a relief rally instead. The semiconductor index (SMH) rose 2.5%, led by Micron — yesterday's biggest casualty of the Samsung-triggered selloff — which rebounded on news of a $3 billion domestic supply-chain investment. Meanwhile, oil unwound below $73 within a day of spiking 4.4% (its biggest jump since May), as the geopolitical premium was quickly priced out.
🔑 Key Issues
1. Micron's $3B US supply-chain investment drives semiconductor rebound Micron announced a $3 billion investment in the US semiconductor supply chain, extending its existing plan to invest more than $250 billion over the next decade in facilities already underway in Texas and New York. Shares, which had fallen as much as 13% intraday yesterday (erasing roughly $138B in market value), rebounded 4.52% on the news. The semiconductor ETF (SMH) rose 2.5%, and SanDisk shares jumped 7.6% as memory chips broadly strengthened.
2. ARM Holdings +9.2% — technical rebound and institutional accumulation ARM topped the day's gainers (intraday reaching +11%). Following a substantial pullback from its 52-week high of $452.70, dip-buying flowed in, reinforced by regulatory filings revealing new institutional position initiations and increased holdings. Positioning ahead of the July 29 earnings report is also seen as a factor.
3. Meta +4.70% — AI cloud-leasing business model keeps driving shares Meta shares have kept climbing since revealing on July 1 its plan to lease surplus AI computing capacity externally. The model is winning investor praise for reframing massive capex as a revenue driver rather than a pure cost burden. Solid fundamentals — Q1 revenue of $56.3B (+33% YoY) and $22.9B in operating income — also support the move.
4. Oil plunges — giving back the prior day's entire spike Brent crude slipped below $73/barrel Thursday, unwinding much of the prior day's 4.4% jump (its biggest since May). Even as US strikes on Iran escalated for a second day, markets increasingly recognized that the actual scale of any supply disruption remains unclear. Vessel-tracking data showed fewer Strait of Hormuz transits, but most traffic moved along Iran-approved routes, with limited use of the US-backed Omani corridor.
5. Energy and healthcare weaken — defensive rotation reverses Exxon Mobil (-2.60%) and ConocoPhillips (-2.44%) topped the loser board on the oil price decline. Salesforce (-2.45%) also fell. Johnson & Johnson (-1.63%) and other healthcare names weakened as yesterday's defensive-sector preference reversed back into risk appetite.
📊 Sector Trends
| Sector | Change | Driver |
|---|---|---|
| Semiconductors | +4.8% | Micron investment news, ARM/AMD rebound |
| Technology | +2.1% | Led by semiconductor strength |
| Communications | +1.9% | Meta's AI cloud business momentum |
| Financials | +0.6% | Broader risk appetite recovery |
| Industrials | -0.2% | Lingering geopolitical risk |
| Healthcare | -1.1% | Defensive rotation reversal |
| Energy | -2.3% | Oil price decline |
🌍 Global Markets
- Dollar Index (DXY): Weaker as safe-haven demand eases
- 10-Year Treasury Yield: Stabilizing modestly after yesterday's spike
- WTI Crude: Below $73 — giving back much of yesterday's spike
- Brent Crude: Below $73 — unwinding its biggest jump since May (+4.4% prior day)
- USD/KRW: 1,506.48 (-13.38) — second consecutive sharp daily drop
🚀 SPCX (SpaceX) Watch
SPCX rebounded to $152.16 (+2.60%), extending gains for a second straight day. The move tracks the broader semiconductor sector recovery and appears to mark the end of a short-term correction following its Nasdaq-100 inclusion. Shares remain well below their post-IPO high of $225.
⚠️ Investor Caution
Reading today's rebound as 'crisis over' would be risky. Military tension with Iran remains live, with US strikes ongoing, and oil could spike again. The semiconductor sector's violent swing (-13% one day to +4.5% the next) shows the sector remains extremely valuation-sensitive. Tomorrow's $29 billion SK Hynix Nasdaq ADR listing — the largest-ever US listing by a foreign company — is a major event whose liquidity absorption could ripple across the semiconductor sector.
👁 Tomorrow's Watch Points
- SK Hynix Nasdaq ADR listing (7/10) — $29B offering, the largest-ever US IPO by a foreign firm. Pricing expected around $149/ADR; first-day flows and price action will heavily influence memory-chip sentiment both in the US and Korea.
- Delta Air Lines (DAL) Q2 earnings (7/10, pre-open) — EPS consensus $1.51 (some estimates $1.43). First read on how the oil spike-and-reversal affected airline guidance.
- Nasdaq holding 26,200 — Whether today's reclaimed level holds is a gauge of the semiconductor rally's durability.
- Iran-US military news flow — With strikes ongoing, further escalation risks another oil spike.
- Initial jobless claims — How labor data is interpreted alongside the Fed's hawkish stance.
💡 Upcoming Events
- 2026-07-10: SK Hynix (SKHY) Nasdaq ADR listing ($29B offering) / Delta Air Lines (DAL) Q2 earnings (pre-open, EPS consensus $1.51)
📚 Sources
- S&P 500 closes higher as chip stocks rise and oil prices slide — CNBC
- Nasdaq Composite Jumps 0.9% as Semiconductors Stage a Comeback — The Motley Fool
- Arm Holdings PLC Stock (ARM) Moved Up by 11.16% on Jul 9 — TradingKey
- Why is Arm Holdings stock surging today? — Investing.com
- Mark Zuckerberg's Meta Stock Surged 9% on New Cloud Business Plan — The Motley Fool
- Oil drops below $73 as investors reassess Iran tension impact — CNBC
- SK Hynix to List on Nasdaq July 10 in Record $29 Billion ADR Offering — BigGo Finance
- Delta Q2 earnings preview: What to watch — Yahoo Finance