Wall Street closes higher despite Iran tensions

Wall Street closed higher on July 21, supported by strong performance in technology stocks, despite the United States carrying out new strikes against Iran. The Dow Jones rose 0.74% to 52,224 points, the S&P 500 advanced 0.89% to 7,509 units, and the Nasdaq was the most benefited index, rising 1.29% to 25,837 points.

Semiconductors at the center of the stage

The upward momentum was led by the semiconductor sector: 3M rose 7%, Marvell gained 6.68%, Micron advanced 12%, and Intel surged 8.6%. This performance contrasts with the geopolitical context, as Washington bombed Iranian military command centers, maritime capabilities, and air defense systems on the same day.

Focus on quarterly earnings

The market is now focused on the corporate earnings season. This week, Alphabet, IBM, and Tesla will report results, while Meta, Microsoft, and Amazon will do so next week. Analyst Bret Kenwell of eToro noted that the coming weeks will be “decisive” for corporate results, and warned that companies failing to exceed Wall Street’s expectations are being harshly punished by investors.

Oil and gold rise

Outside equities, WTI crude oil rose 2.02% to $84.91, following new threats from Donald Trump against Yemen’s Houthis. Gold continued its upward trend, reaching $4,089 per ounce, reflecting investor caution amid an ongoing volatile geopolitical landscape.

The combination of solid corporate results in the technology sector and geopolitical tensions that, for now, have not derailed market optimism defines the current climate in Wall Street.

Sources: Infobae.