US stock markets rose on July 9 (local time), with the Dow Jones Industrial Average gaining 0.27%, the S&P 500 rising 0.81%, and the Nasdaq Composite climbing 1.3%. Bargain buying emerged amid expectations that the US-Iran military engagement would be short-lived, while Micron Technology's announcement of large-scale semiconductor facility investment plans supported the artificial intelligence theme. The Dow and S&P 500 recorded their first gains in three trading sessions.
The Philadelphia Semiconductor Index surged 3.06% on July 9 (local time). Micron Technology's disclosure of large-scale semiconductor facility investment plans provided a boost to AI-related stocks during the session.
US Weekly Unemployment Claims Fall to 215,000
The US Department of Labor reported that initial unemployment insurance claims for the week ending the 4th totaled 215,000 on a seasonally adjusted basis, a decrease of 2,000 from the prior week. The figure came in below the market expectation of 218,000, with the prior week's number revised upward by 2,000.
Treasury Yields Decline as Oil Prices Retreat
US Treasury prices rose across maturities on July 9 (local time), marking their first joint increase in three sessions. The 10-year Treasury yield fell 2.80 basis points to 4.5390% from the prior trading day's 3 PM reference rate. Short-term maturities showed relative strength as international oil prices stabilized following the absence of escalation in US-Iran military tensions. A strong 30-year bond auction also contributed to the rally.
West Texas Intermediate crude oil fell $1.44 (1.96%) to $72.08 per barrel on July 9 (local time), declining despite the third day of US-Iran military engagement. Risk appetite expanded on expectations that the conflict would be short-lived.
The dollar weakened slightly on July 9 (local time), with the dollar index (DXY) falling 0.019 points (0.019%) to 100.953. The dollar declined against the yen and held steady against the euro, reflecting expectations that the US-Iran military engagement could end in the short term.
FAQ
What happened to US stocks on July 9 (local time)?
The Dow Jones Industrial Average rose 0.27%, the S&P 500 gained 0.81%, and the Nasdaq Composite climbed 1.3% on July 9 (local time). The Philadelphia Semiconductor Index surged 3.06% as Micron Technology announced large-scale semiconductor facility investment plans.
How did US unemployment claims perform in the week ending the 4th?
Initial unemployment insurance claims totaled 215,000 for the week ending the 4th, down 2,000 from the prior week and below the market expectation of 218,000, according to the US Department of Labor.
Why did oil prices fall on July 9 (local time) despite US-Iran tensions?
West Texas Intermediate crude fell $1.44 (1.96%) to $72.08 per barrel on July 9 (local time) as risk appetite expanded on expectations that the US-Iran military engagement would be short-lived, despite the conflict entering its third day.
