Major stock indexes rose today, driven by significant gains in megacap technology stocks. Investor sentiment also received a boost following reports of a de-escalation in tensions between the U.S. and Iran. Both nations have reportedly agreed to a cessation of hostilities as preparations begin for renewed peace talks regarding the Strait of Hormuz. President Trump indicated that negotiations are scheduled to resume in Doha this coming Tuesday.
WTI crude oil prices saw an uptick of over 1% amid volatility surrounding the Strait of Hormuz. Tensions had escalated late last week following military actions involving Iranian installations and attacks on commercial tankers. However, crude prices retreated from recent highs after news broke that both the U.s. and Iran agreed to a temporary halt in hostilities, allowing for safer maritime passage through the strait.
In the fixed income market, the market is currently pricing in a 29% probability of a 25-basis-point rate hike by the FOMC during its July 28-29 meeting. Meanwhile, 10-year T-note yields rose to 4.376%, pressured by rising inflation expectations linked to oil prices and a shift in demand as investors moved toward equities.
Global markets showed broad strength. The Euro Stoxx 50 edged up 0.05%, while China’s Shanghai Composite climbed 1.16% from recent lows. Japan’s Nikkei-225 also posted gains, rising 0.15%.
Market Movers
The “Magnificent Seven” led the market rally. Amazon (AMZN) surged over 4%, leading gains in the Dow Jones Industrial Average. Tesla (TSLA) climbed more than 4%, while Alphabet (GOOGL) and Meta Platforms (META) both rose above 3%. Nvidia (NVDA) and Microsoft (MSFT) also posted modest gains. In contrast, Apple (AAPL) saw a decline of 0.56%.
The software sector provided additional support, with Palantir (PLTR) and Datadog (DDOG) rising over 4%, and Atlassian (TEAM) and ServiceNow (NOW) gaining more than 3%. Adobe (ADBE), Intuit (INTU), and Salesforce (CRM) also saw positive movement.
However, gains were somewhat capped by a downturn in the semiconductor and AI infrastructure sectors. SanDisk (SNDK) fell over 7%, while Micron (MU) and Intel (INTC) saw significant declines of 6% and 3%, respectively. Other chipmakers, including AMD and ARM Holdings, also traded lower.
Other notable movers included Iridium Communications (IRDM), which jumped over 21% following news of an acquisition by Rocket Lab. Charter Communications (CHTR) rose 13% amid reports of a potential partnership with SpaceX, and Axon Enterprise (AXON) climbed 12% following reports regarding high-profile stock purchases. Conversely, Verizon (VZ) fell over 7% due to projected losses related to a joint venture, and Martin Marietta Materials (MLM) dropped 6% following a major merger announcement.
Earnings to Watch
Key companies reporting earnings include AeroVironment (AVAV), Concentrix (CNXC), and Liberty Live Holdings (LLYVA).
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