Wall Street ends three-day losing streak as chip stocks rise

Wall Street ended its three-day losing streak as the benchmark indexes closed in the positive territory on Tuesday, July 21, due to rise in chip stocks.

The NASDAQ Composite settled 1.29% higher at 25,837.21, while the S&P 500 advanced 0.89% to 7,509.20. The Dow Jones Industrial Average ended with gains of 0.74% at 52,224.64.

3M shares rose over 7% after posting strong earnings for the second quarter. General Motors shares also ascended nearly 5%.

Van Eck Semiconductor ETF (SMH) jumped more than 4%; Intel added 8%, while Marvell Technology gained more than 6%.

The last few sessions have been underwhelming for the US markets. The US-Iran war, increasing oil prices and new Chinese artificial intelligence models have impacted users' sentiments.

Brent crude oil, the international benchmark, is trading 1.60% higher at $92.47 per barrel.

Taking to X, US Central Command said that it struck military targets in Iran for the 11th consecutive evening. It targeted Iranian military operations centres, aircraft hangars, maritime capabilities, military logistics infrastructure and drone storage facilities to degrade Tehran's ability to threaten commercial shipping in the Strait of Hormuz.

"Over the past three months, Iran has attacked more than 30 commercial vessels transiting the international waterway vital for regional and global trade. The unwarranted attacks have endangered hundreds of innocent mariners and undermined freedom of navigation," the US Central Command said.

"Despite Iranian aggression, the Strait of Hormuz remains open for commercial vessel transit. Since early May, CENTCOM forces have helped facilitate the transit of approximately 900 commercial vessels and 450 million barrels of crude oil," it added.

US President Donald Trump on Monday said that Iran will pay for the deaths of three US service members.

The earnings of Google parent Alphabet, electric vehicle manufacturer Tesla and technology and consulting corporation IBM will be in the spotlight on Wednesday.