US stock markets gained on Tuesday, with the S&P 500 rising 0.9% and the Nasdaq climbing 1.3%, as chip makers Micron and Nvidia led a second consecutive day of AI stock gains. Brent crude oil approached $92 for the first time in five weeks due to ongoing military tensions with Iran, pushing Treasury yields higher and contributing to broader market movement.
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The S&P 500 rose 0.9%, the Dow Jones added 0.7%, and the Nasdaq composite climbed 1.3% on Tuesday. Micron Technology and Nvidia led gains as AI stocks rose for a second straight day after falling the week before. Brent crude oil approached $92 for the first time in five weeks due to continued attacks in the war with Iran.
Why it matters
Chip makers and AI-related companies remain the primary driver of market movement, signaling investor appetite for technology stocks. Rising oil prices—up from less than $72 early this month—are pushing Treasury yields higher in the bond market, a shift that can affect borrowing costs across the economy.
What to watch
For the year, the S&P 500 is up 9.7%, the Dow is up 8.7%, the Nasdaq is up 11.2%, and the Russell 2000 is up 20.4%. The trajectory of oil prices and geopolitical developments in Iran will be key to monitor, as they directly influence energy costs and bond market volatility.
On Tuesday, July 21, 2026, major US stock indexes posted broad gains led by artificial intelligence and semiconductor stocks. The S&P 500 rose 65.92 points, or 0.9%, to 7,509.20; the Dow Jones Industrial Average rose 385.38 points, or 0.7%, to 52,224.64; the Nasdaq composite rose 329.13 points, or 1.3%, to 25,837.21; and the Russell 2000 index of smaller companies rose 44.97 points, or 1.5%, to 2,987.40. Micron Technology and Nvidia were identified as the two strongest forces lifting the market, with AI stocks advancing for a second consecutive day after declining significantly the previous week. Separately, Brent crude oil's price approached $92 for the first time in five weeks, a result of continued attacks in the war with Iran. The oil price has climbed substantially from less than $72 early in July and has helped push Treasury yields higher in the bond market. For the week ending July 21, the S&P 500 was up 51.51 points or 0.7%, the Dow was up 78.22 points or 0.2%, the Nasdaq was up 316.96 points or 1.2%, and the Russell 2000 was up 25.18 points or 0.9%. Year-to-date performance through July 21 showed the S&P 500 up 663.70 points or 9.7%, the Dow up 4,161.35 points or 8.7%, the Nasdaq up 2,595.22 points or 11.2%, and the Russell 2000 up 505.49 points or 20.4%.
Wall Street's rally on Tuesday reflects the market's persistent focus on artificial intelligence and semiconductor strength as the primary growth narrative. Micron Technology and Nvidia's leadership in Tuesday's trading marks a continuation of AI stock momentum following a difficult week, suggesting that investor conviction in the sector remains intact despite recent volatility. The simultaneous rise in Brent crude oil to nearly $92—driven by geopolitical tensions with Iran—introduces a counterbalancing headwind: higher energy costs typically weigh on corporate profitability and consumer spending, yet bond market effects (rising Treasury yields) have not yet derailed the current equity rally. Year-to-date performance shows that smaller-cap stocks, represented by the Russell 2000's 20.4% gain, are outpacing the broader market, while the Nasdaq's 11.2% advance reflects the technology sector's outsized contribution to overall gains.
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