On the 20th (local time), the New York stock market opened higher across the board, lifted by dip-buying in semiconductors and large technology stocks that had fallen excessively recently.
On the New York Stock Exchange (NYSE) that day, the tech-heavy Nasdaq opened up 1.06% from the previous session. The large-cap-focused S&P 500 and the blue-chip Dow Jones Industrial Average also rose together at the open.
The main driver of the market's gains is a rebound in the semiconductor sector. Last week, semiconductor shares plunged on worries about a slowdown in artificial intelligence (AI) infrastructure expenditure and a wave of profit-taking, but strong bargain hunting today is fueling a technical rebound.
The market is staying on the sidelines ahead of second-quarter earnings from big tech and major semiconductor corporations, including Alphabet (Google's parent company), Tesla and Intel, while partly pricing in expectations for results.
However, the recently intensifying geopolitical tensions in the Middle East and the resulting volatility in international oil prices are still acting as factors capping the market's upside.