New York Stock Exchange Closes Higher: Chip Stocks and Geopolitical Developments

The New York Stock Exchange closed higher as the increase in chip stocks offset geopolitical concerns. The Dow Jones index rose 0.27% to 52,487.41 points, the S&P 500 index rose 0.81% to 7,543.64 points, and the Nasdaq index rose 1.3% to 26,206.89 points.

Chip Stocks and Geopolitical Developments

Investors evaluated the developments in the Middle East, where geopolitical tensions are rising again, and the increase in chip stocks had a positive impact on the stock market.

■Micron Technology's shares rose 4.5% after announcing a plan to invest over $250 billion in the US by 2035.

■The number of initial jobless claims in the US fell to 215,000 in the week ending July 4, below market expectations.

■Sales of existing homes fell 2.4% in June, below market expectations.

Oil Prices and Geopolitical Tensions

After the US attacks on Iran, Tehran announced that it had targeted US military targets in Kuwait, Qatar, and Bahrain. US President Donald Trump stated that '(Iran) called recently. They want an agreement so much.' The price of Brent crude oil fell 2.6% to $75.97 as of July 23.10.

Markets are showing sensitivity to this situation. We have determined the direction of the index through Fibonacci corrections and Ichimoku clouds. With an algo-trading mindset, we observe that it is crucial for the uptrend to continue that important levels are maintained.