US stocks rose on Thursday, helped by a jump in semiconductors and a fall in oil prices, as equity markets tried to recover despite renewed U.S.-Iran tensions. The Dow gained a modest +0.3%, leaving it just 1.5% below this week’s all-time high – there’s no reason to abandon this bull market yet in our opinion. Semiconductor stocks rebounded, with the VanEck Semiconductor ETF (SMH) rising 2.5%, led by Micron Technology (+4.5%) and Sandisk (+7.6%). Meanwhile, oil prices eased after President Donald Trump said Iran had reached out to negotiate, with reports that Qatar and Pakistan are mediating efforts to bring both sides back to the negotiating table – as we said earlier, same story, different day!
- The Dow continues to look well positioned to rally through 2H of 2026 as the value stocks come back into favour.
MM is bullish towards the Dow around the 52,500 level
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