Stocks climb, oil slides as tech hopes outlast Middle East worries
Thu July 9, 2026
Yesterday’s negative war news with new strikes on Iran drove the whole tech sector down. Today, even despite a second day of strikes and Iran retaliation, the market decided to disregard the war and return to the love affair with AI, bolstering both the S&P and Nasdaq into a daylong and quite fruitful rally. Nvidia was riding high on the second day after being allowed to sell its chips to Chinese companies. Yesterday, this news sent the chip index up 2.4%, today an additional 3%.
On other fronts, the good news was a lower rate of unemployment claims, the bad news the highest home prices on record. Home sales dropped 2.4% vs a forecast for an increase. This bad news may have been what caused the Dow to have fallen after 2 pm from a gain of over 225 to close up 139. The Dow gained 0.27%, the S&P and Nasdaq several multiples of that. Per the CBOE, 15.8 billion shares were traded, still way below the 23.0 billion average.
DJ: 52,348.39 -576.76 NAS: 25,870.65
+51.96 S&P: 7,482.71
-21.14 7/8
DJ: 52,487.41 +139.02 NAS: 26,206.89
+336.24 S&P: 7,543.64
+60.93 7/9
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