US Stocks Cap First Half With 18% Nasdaq 100 Surge as Iran Fears Ease
Updated
Updated · Business Insider · Jun 30
US Stocks Cap First Half With 18% Nasdaq 100 Surge as Iran Fears Ease
3 articles · Updated · Business Insider · Jun 30
Summary
US indexes headed for their strongest quarterly and first-half performances in years on Tuesday, with the Dow up 8% for the half, the S&P 500 up 8%, and the Russell 2000 up 21%.
An 18% quarterly jump in the Nasdaq 100 led the rebound after markets had fallen about 10% by late March, as investors embraced easing US-Iran tensions, AI hardware winners and stronger-than-expected earnings.
The market's biggest catalyst was a tentative US-Iran de-escalation: both sides said Sunday they would halt strikes and allow safe commercial shipping through the Strait of Hormuz while technical talks continue.
Chip and memory shares powered the rally, with the Philadelphia Semiconductor Index up 80% since end-March and names such as Sandisk, Micron and Intel posting triple-digit first-half gains.
Corporate results reinforced the move, with 85% of S&P 500 companies beating earnings estimates as of early June and second-quarter profit growth projected at 23% year over year.