NEW YORK, July 15, 2026, 16:10 EDT
- The S&P 500 ended the day 0.51% off its June 2 high. The PHLX semiconductor index is still around 15.5% below its June 22 peak.
- About 56% of Nasdaq movers and 60% of NYSE movers gained ground, even as the chip index slid 2.31%.
U.S. stocks ended higher Wednesday, but chip stocks tumbled. The session saw a split between sectors, not a broader slide. The S&P 500 closed up 0.36% at 7,570.72. The Nasdaq Composite gained 0.60% to 26,264.63. The Dow Jones Industrial Average was up 0.34% at 52,685.92. After the close, Nasdaq showed the PHLX Semiconductor Index off 2.31% at 12,369.17.
The gap stands out because the S&P was only 0.51% below its June 2 closing high, but the chip index was still down around 15.5% from its June 22 top. That difference—almost 16 percentage points—shows that while the main index looks steady, there’s been a sharp pullback in a key growth sector.
On the exchanges, declines were limited. Advancers outpaced decliners by 1.48-to-1 on the NYSE. Nasdaq saw 2,619 stocks rise and 2,022 fall. That’s about 60% of NYSE movers and 56% for Nasdaq ending up. The tape was active but steady.
| Market measure | Wednesday close | Investor signal |
|---|---|---|
| S&P 500 | 7,570.72, +0.36% | Now 0.51% under the June 2 high |
| Nasdaq Composite | 26,264.63, +0.60% | Beat the chip index by 2.91 points |
| Dow industrials | 52,685.92, +0.34% | Posted the smallest gain of the three indexes |
| PHLX Semiconductor Index | 12,369.17, -2.31% | Stands 15.5% below its peak from June 22; 5.6% above the 20% correction line |
Chip stocks were mostly down in the group. As of late Wednesday, 28 out of 30 names in the index traded below their June 22 close. Only Nvidia NASDAQ:NVDA and Broadcom NASDAQ:AVGO held gains over that stretch. The index closed about 5.6% above 11,707.78, which is the level for a 20% drop from the record.
Other sectors helped prop up the market. Retail and travel-and-leisure stocks did better than most. BlackRock NYSE:BLK climbed 6.3%, and Morgan Stanley NYSE:MS was up 0.5% after results. Communication services led S&P sectors; energy posted the biggest drop.
| Earnings counterweight | Key second-quarter figures | Comparison |
|---|---|---|
| BlackRock | Assets at $15.34 trillion; net inflows hit $192 billion; adjusted EPS was $13.91 | EPS estimate was $12.59; stock finished up 6.3% |
| Morgan Stanley | Revenue came in at a record $21.35 billion; equities revenue reached $6.30 billion | Analysts had looked for $19.64 billion in revenue; equities revenue jumped 69%; shares were up 0.5% |
Morgan Stanley linked its pick-up in new listings to a fee pipeline that could extend past the initial deal. “More than half of the $148 billion in net new assets came from stock plan IPO flows,” CFO Sharon Yeshaya said. Investment-banking revenue jumped 58% to $2.44 billion. New listings are bringing in both transaction fees and assets likely to stay on Morgan Stanley’s platform. Reuters
BlackRock gave another sign that capital isn’t leaving the market. The firm pulled in $192 billion in net inflows last quarter, with $71.6 billion flowing into equity products, pushing assets to an all-time high of $15.34 trillion. CEO Larry Fink said “market fundamentals are strong and well supported.” The results don’t confirm Wednesday’s rotation, but investors kept adding positions during the period. Reuters
Wholesale inflation cooled off. The U.S. producer price index dropped 0.3% in June, posting its biggest monthly decline in 14 months. Stripping out food, energy and trade services, the index was up just 0.1%. Traders in interest-rate futures now see a 10.2% chance of a Fed hike this month, down from 31% last week.
But the relief from inflation could be short-lived. Energy goods dropped 6.4% in June, while gasoline prices fell 12%. Then, news of fresh U.S.-Iran tensions sent oil to a one-month high. “There’s no near-term pressure on the Fed, but oil is in the driver’s seat over the longer term,” said David Russell, global head of market strategy at TradeStation. A new surge in energy prices could raise rate bets and put pressure on growth stocks and M&A. Reuters
Retail sales and jobless claims numbers land Thursday at 8:30 a.m. EDT. If consumers look strong and the chip index stays above 11,707.78, that could back the argument for broader market leadership. A miss on demand or chip index falling below that mark would leave Wednesday’s market breadth looking shaky. Major indexes are still taking the chip slump in stride.
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