Dow slips as chip stocks rise amid U.S.-Iran attacks
The Dow slipped while semiconductor shares rose as investors weighed renewed exchanges of attacks between U.S. forces and Iran.
U.S. stocks opened higher on Thursday as gains in semiconductor shares were partly offset by investor concern after renewed exchanges of attacks between U.S. forces and Iran. The Dow fell 28 points, or 0.05%, the S&P 500 rose 0.11% and the Nasdaq Composite gained 0.14%.
Semiconductor ETFs led the session. The VanEck Semiconductor ETF (SMH) rose 3.88% and the iShares Semiconductor ETF (SOXX) climbed 5.2%. Micron Technology jumped about 7.2% and Sandisk advanced more than 6%.
Some large technology names declined. IBM slipped 3.4% and Microsoft lost 1.7% after reports that a major coffee chain adopted AI technology that could reduce its reliance on both firms. ServiceNow fell 2.5% and Adobe dropped 1.3%. Meta Platforms declined 3.4% after an internal memo indicated the company plans to produce an artificial intelligence chip starting in September.
Geopolitical developments drew attention. The U.S. military reported launching fresh strikes on Iran to keep the Strait of Hormuz open; Iran responded with attacks on U.S. assets in Kuwait and Bahrain. President Donald Trump wrote the interim ceasefire was “over” and later indicated he did not expect a return to full-scale war.
Economic data were mixed. Initial jobless claims fell last week. Minutes from the Federal Reserve’s June meeting under Chair Kevin Warsh showed policymakers left interest rates unchanged, though a few officials favored raising borrowing costs before the hold. Market pricing continued to imply at least one 25‑basis‑point rate hike by the end of the year.
Outside the U.S., the pan-European Stoxx 600 rose 0.55%. Asian markets were mixed: Japan’s Nikkei 225 gained 1.4%, South Korea’s Kospi added 0.62%, mainland China’s CSI 300 rose 2.5% and Hong Kong’s Hang Seng fell 0.5%.
Other notable U.S. stock moves included Levi Strauss falling 3.5% despite raising its annual sales forecast, and PepsiCo sliding 4.6% even after reporting second-quarter revenue above analysts’ estimates.
Geopolitical exchanges, sector-specific gains in semiconductors and the Fed minutes featured in market coverage during the session.
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