Tech, Chip Stocks Lift US Indexes in First-Half Finale; Dow, S&P 500, Nasdaq Rise

S&P 500, Nasdaq Post Best Second-Quarter Gains Since 2020

Major US stock indexes closed higher on June 30, led by gains in technology and semiconductor shares on the final trading day of the first half. The Dow posted its strongest first-half gain in five years, while the S&P 500 and Nasdaq turned in their best second-quarter performances since 2020.

The Dow Jones Industrial Average rose 136.46 points, or 0.26%, to 52,319.20 at the close on the New York Stock Exchange.

The S&P 500 gained 58.93 points, or 0.79%, to 7,499.36, while the tech-heavy Nasdaq Composite climbed 393.58 points, or 1.52%, to 26,213.72.

Stocks were driven in the first half by expectations for expanding investment in artificial intelligence. The Wall Street Journal reported that the S&P 500 and Nasdaq rose 15% and 21%, respectively, in the second quarter, their biggest quarterly gains since the second quarter of 2020. The Dow also advanced 9% in the first half for its best six-month showing since 2021.

US equities underwent a sharp correction in March as oil prices surged during the US-Iran war and concerns about an economic slowdown mounted. They have rebounded sharply since April as expectations grew for increased AI infrastructure spending and improved earnings at technology companies.

Technology and chip stocks led gains again on the day. Nvidia rose 2.54% and Apple gained 2.7%, while Tesla added 2.13%. Microsoft climbed 1.21%, Alphabet rose 1.05% and Meta gained 0.12%. Amazon, by contrast, fell 0.75%.

Semiconductor shares also rose across the board. The Philadelphia Semiconductor Index gained 3.92%. SanDisk jumped 10.84%, while AMD rose 7.62%, Intel added 5.95%, TSMC climbed 4.94%, Broadcom gained 1.43% and Micron Technology advanced 0.79%.

Oil prices fell as expectations grew for a normalization in crude supply. West Texas Intermediate futures settled 1.8% lower at $69.5 a barrel on the New York Mercantile Exchange, while Brent futures slipped 0.3% to $72.92 a barrel. Uncertainty persisted over whether the US and Iran would hold talks in Qatar, but concerns about supply disruptions appeared to ease somewhat.

Kim Yeon-ji, Hankyung.com reporter, kongzi@hankyung.com