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Jul 21, 2026, 9:10 PM UTC Grace O'Donnell , Jake Conley and Ines Ferré Updated Wed, July 22, 2026 at 4:10 AM GMT+7 1 min read
US stocks gained momentum on Tuesday as investors braced for a flurry of tech earnings reports amid signs of a revival in chip stocks, with fresh US tariffs on Canada and Middle East hostilities also in focus.
The tech-heavy Nasdaq Composite (^IXIC) jumped 1.3% as semiconductor names took center stage ahead of Big Tech results this week. The Dow Jones Industrial Average (^DJI) moved up more than 0.7%, while the S&P 500 (^GSPC) gained 0.9% after stocks slipped on Monday amid rising US-Iran tensions.
Chip stocks saw another surge on Tuesday morning, echoing a rally in Asia, after the sector attempted a recovery at the start of the week. Nvidia (NVDA) shares climbed almost 2% after the AI chipmaker revealed it has taken a stake in neocloud provider Nebius (NBIS).
Tech optimism helped offset uncertainty surrounding US trade policy and the war in Iran. On Monday, President Trump unveiled a new raft of 50% tariffs on an array of Canadian goods, including beer, hockey sticks, milk, and chemicals, that risk rekindling a tit-for-tat trade war between the countries. The tariffs are expected to take effect in 30 days after the US accused Canada of "discrimination" in its trading practices.
Notably, the White House exempted Canadian oil imports from the tariffs, which come as crude oil prices trade at their highest level since mid-June. Oil prices eased slightly on Tuesday morning after the latest flare-up in the US-Iran war drove Brent crude (BZ=F) prices, the international benchmark, back above $91 per barrel.
Anticipation continues to build for Big Tech results later this week — particularly from Alphabet (GOOG, GOOGL) on Wednesday — as investors scrutinize tech giants' AI spending plans.