Nasdaq Rises 1%, Philadelphia Semiconductor Index Surges 4.5% in Early US Trading

On July 21, the Nasdaq rose 1% and the Philadelphia Semiconductor Index jumped 4.5% in early US trading, with storage chip stocks leading gains. SanDisk rose approximately 9%, Western Digital advanced 9%, Micron Technology gained 8%, SK Hynix climbed 7%, and Seagate Technology increased 7%.

Optical communication stocks also rallied broadly, with Marvell Technology up 6%, Coherent rising 8%, Credo advancing 5%, Lumentum gaining 7%, and Corning climbing 6%. The S&P 500 rose 0.6% and the Dow Jones Industrial Average gained 0.5%.