New York, July 9, 2026, 16:05 EDT
- Chip and memory stocks led the late rise, not just the big mega-cap names.
- Micron increasing its U.S. investment sent buyers back into AI supply chain stocks.
- The risk now is fuel inflation and the Fed. Oil prices dropped but refined product markets remain tight.
U.S. stocks climbed late Thursday as chip and memory stocks rallied, brushing off fresh U.S.-Iran tension. Investors came back to AI names after Wednesday’s drop. The S&P 500 was last up 0.84%, the Nasdaq gained 1.26%, and the Dow Jones Industrial Average rose 0.40%, according to Reuters’ late trade update.
Why it matters now: Nvidia NASDAQ:NVDA wasn’t the only story behind the rally. This time, gains came from memory names, chip tools makers and some smaller growth stocks. It looks like investors went after the “picks and shovels” plays tied to AI—suppliers riding data-center spend—even with rate headlines and geopolitics still in the mix.
Exchange-traded funds, which are baskets of securities that trade like stocks, made the split clear late in the session:
| Market proxy | Google Finance ticker | Latest price | Change |
|---|---|---|---|
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $751.10 | up 0.77% |
| Invesco QQQ Trust | NASDAQ:QQQ | $722.98 | up 1.62% |
| iShares Russell 2000 ETF | NYSEARCA:IWM | $297.30 | up 1.30% |
| SPDR Dow Jones Industrial Average ETF | NYSEARCA:DIA | $523.77 | up 0.19% |
Micron Technology NASDAQ:MU jumped 5.2% late in the session after it announced plans to bump U.S. spending above $250 billion by 2035. The memory maker said the money will help it produce 40% of its DRAM chips—used as working memory in computers—in the U.S. CEO Sanjay Mehrotra called data and memory “foundational” for the economy. Micron also said its New York project hit a key concrete-pour milestone more than 25% ahead of schedule. Micron Technology
The market read Meta’s move as more aggressive than the broader index shift. Micron is an important supplier for Nvidia’s AI chips. Meta Platforms NASDAQ:META is aiming to put its own AI chip into production in September, working with Broadcom NASDAQ:AVGO and Taiwan Semiconductor Manufacturing Co NYSE:TSM, seeking less dependence on Nvidia and Advanced Micro Devices NASDAQ:AMD.
| Stock | Google Finance ticker | Latest price | Change | Investor read |
|---|---|---|---|---|
| Micron Technology | NASDAQ:MU | $998.12 | +5.20% | Memory names bought |
| Advanced Micro Devices | NASDAQ:AMD | $545.11 | +5.36% | AI chips in focus |
| On Semiconductor | NASDAQ:ON | $98.39 | +4.91% | Supply chain trade |
| Applied Materials | NASDAQ:AMAT | $587.94 | +3.06% | Gear makers see bids |
| Nvidia | NASDAQ:NVDA | $204.04 | -0.04% | Leader lagged sector |
| PepsiCo | NASDAQ:PEP | $137.44 | -3.56% | Staples pressured |
| Costco Wholesale | NASDAQ:COST | $913.57 | -4.15% | Weak retail sales |
“This is still very much an AI bull market,” Ross Mayfield, investment strategy analyst at Baird, told Reuters. But he cautioned that broader gains may depend on oil and rates staying in check. The PHLX Semiconductor Index climbed 4.6%. The S&P 500 tech sector added 1.91%. Reuters
Macro numbers didn’t shake the market. Initial jobless claims dropped by 2,000 to 215,000 for the week ended July 4, close to forecasts. Samuel Tombs at Pantheon Macroeconomics called claims “low and stable.” Fed minutes out Wednesday showed policymakers kept rates at 3.50%-3.75% in June, saying inflation was still above the 2% target. Reuters Federal Reserve
New York Fed President John Williams didn’t give any clear signals on what to expect from the July 28-29 meeting, sticking with the Fed’s “data-dependent” line. Williams also said market bets on lower oil prices in the next six to twelve months seemed like a “reasonable baseline.” Reuters
Still, crude prices aren’t the whole inflation story for investors. Brent futures settled down 2.2% at $76.30 a barrel. U.S. crude dropped 2.0% to $72.08. Fuel markets stayed tight though, as Reuters said U.S. refining margins hit records; the crack spread rose to $64.58 a barrel on July 8. “There’s just not enough refining capacity left globally,” said Neil Crosby at Sparta Commodities. That shortage could keep pressure on consumers and the Fed even if oil prices ease. Reuters Reuters
Earnings are up next. Wall Street is looking for S&P 500 profits to jump 24% from a year ago, most of that coming from tech. The S&P is trading close to 20 times forward earnings, off from 21 just a month back. The takeaway Thursday: investors shelled out for AI power, memory, and chips, but they didn’t lift everything.
Related articles: NASDAQ:NVDA
