S&P 500 Jumps 15% in Q2 as SOX Soars 88% on Iran De-Escalation
Updated
Updated · Business Insider · Jul 1
S&P 500 Jumps 15% in Q2 as SOX Soars 88% on Iran De-Escalation
3 articles · Updated · Business Insider · Jul 1
Summary
A late-March market bottom turned into a historic second quarter, with the S&P 500 up 15% and the Nasdaq 100 up 28% after investors priced in an apparent US-Iran de-escalation.
An 88% record surge in the Philadelphia Semiconductor Index powered much of the rally, led by outsized gains in Micron, Intel, Marvell and AMD as traders embraced AI spending.
The Russell 2000 climbed 21% for its best quarter since 2020, and its strongest first half since 1991, signaling broader participation beyond mega-cap tech.
Falling oil prices hit energy stocks—the sector's worst quarter since 2020—but also eased inflation worries and helped shift focus back to earnings growth.
June still exposed cracks in software and AI hyperscalers, and investors now face a key July test from mega-cap tech earnings and Fed Chair Kevin Warsh's rate path.