Closing Bell: Chip Rebound and Industrials Lead Wall Street Higher Offsetting Yield Pressures

U.S. stocks closed solidly higher on Tuesday, as a global semiconductor rebound and upbeat industrial earnings restored risk appetite across the market.  

Strong Asian export figures overnight—driven by robust demand for memory chips in South Korea—helped restart the artificial intelligence momentum trade following weeks of valuation-driven profit-taking. The tech-led advance helped Wall Street push past macro headwinds, including rising Treasury yields, elevated crude oil prices, and fresh trade jitters after the U.S. administration imposed new tariffs on select Canadian goods. 

The tech-heavy Nasdaq Composite paced the day's gains, up 1.29% to close at 25,837.21. The S&P 500 advanced 0.89% to finish at 7,509.20, while the blue-chip Dow Jones Industrial Average climbed 0.74%, to settle at 52,224.64. Bitcoin (/BTC) joined the risk-on move, jumping 2%. 

Second-quarter earnings results remain the primary catalyst driving price action ahead of high-profile tech earnings Wednesday from Tesla (TSLA), Alphabet (GOOGL), IBM (IBM), Service Now (NOW), and Texas Instruments (TXN). 

Three things to watch from today’s market: 

• Broad Semiconductor Resurgence Re-energizes the AI Trade: Micron Technology (MU) jumped after Bank of America reiterated its Buy rating, pointing to robust AI memory demand and share buyback potential. Marvell Technology (MRVL) and Teradyne (TER) advanced as data center spending and test equipment demand expectations rose. Broader chip ecosystem leaders, including Applied Materials (AMAT), Intel (INTC), Advanced Micro Devices (AMD), Western Digital (WDC), and Seagate Technology (STX)—all shared in the recovery. Conversely, enterprise software equities lagged after a wave of bearish analyst downgrades. See Profit-Taking in Semis Signals a New Market Leadership Shift 
• Industrials Stronger, 3M Rallies on Beat-and-Raise Earnings: Industrial giants provided crucial fundamental support to the tape. 3M (MMM) surged after topping Wall Street estimates for both revenue and profit while raising its full-year earnings guidance. General Motors (GM) also beat second-quarter expectations and raised its full-year outlook on strong truck margins, and the stock rose nearly 5%. See Ways GM Offers Bullish Catalyst for TXN Earnings & AI Trade Outlook.
• Geopolitics and Bond Yields Linger in the Background: Despite today's stock gains, global fixed-income markets remain under noticeable pressure. Treasury yields remained elevated, approaching multi-month highs that could present a headwind for equities if selling in sovereign debt persists. Geopolitical focus stayed tuned to the Middle East alongside emerging trade frictions, though with Iran-U.S. diplomatic channels open, markets again looked past potential disruption risk. See Adam Coons on U.S.-Iran War's Lasting Impacts & Earnings Justifying Valuations 

Economic Events/Data (ET), Wednesday, July 22nd, 2026 

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Earnings Calendar, Wednesday, July 22 

Premarket: 

• GE Vernova Inc. (GEV) 
• Philip Morris International (PM) 
• AT&T Inc. (T) 
• CME Group Inc. (CME) 
• TE Connectivity Ltd. (TEL) 
• Teledyne Technologies Inc. (TDY) 
• Otis Worldwide Corp. (OTIS) 
• PulteGroup, Inc. (PHM) 

Postmarket 

• Alphabet Inc. (GOOGL) 
• Tesla, Inc. (TSLA) 
• Texas Instruments Inc. (TXN) 
• International Business Machines Corp. (IBM) 
• ServiceNow, Inc. (NOW) 
• CSX Corporation (CSX) 
• Kinder Morgan, Inc. (KMI) 
• United Rentals, Inc. (URI) 
• Waste Connections, Inc. (WCN) 
• Crown Castle Inc. (CCI) 
• Las Vegas Sands Corp. (LVS) 
• Southwest Airlines Co. (LUV) 
• Rollins, Inc. (ROL) 
• Molina Healthcare, Inc. (MOH) 
• Knight-Swift Transportation Holdings (KNX)

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