On [date], the S&P 500 Index rose by 0.48%, the Dow Jones Industrial Average increased by 0.26%, and the Nasdaq 100 gained 1.27%. Notably, September E-mini S&P futures climbed 0.49%, while September E-mini Nasdaq futures were up 1.26%. The gains were driven by strong investor interest in chipmakers, particularly after South Korea’s SK Hynix reported that its American depositary receipts were more than seven times oversubscribed, potentially raising $24.5 billion, the second-largest offering by a foreign company.
In related economic news, initial unemployment claims in the U.S. fell by 2,000 to 215,000, indicating a stronger labor market than the projected increase. However, existing home sales unexpectedly decreased by 2.4% month-over-month to 4.09 million, falling short of the expected rise. Market analysts are forecasting a 23% increase in Q2 earnings aided by AI infrastructure stocks, which are expected to contribute nearly 60% of the S&P 500’s earnings-per-share growth.
Internationally, stock markets saw positive performance, with the Euro Stoxx 50 up 1.10%, China’s Shanghai Composite increasing by 1.65%, and Japan’s Nikkei-225 rising 1.38%. The U.S. market is currently pricing a 26% chance of a rate hike at the next FOMC meeting scheduled for July 28-29.
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