Global Markets Rebound as Chip Stocks Boost U.S. Indices
WHO:
AP News - Iran's interior minister traveled to Pakistan for talks amid escalating tensions with the U.S.
AP News - President Trump announced new tariffs on Canadian goods.
AP News - General Motors (GM) reported second-quarter sales and profit targets.
Yahoo Finance - Nvidia is an AI chipmaker that took a stake in Nebius.
WHAT:
AP News - GM's stock rose 1.7% after beating Wall Street’s second-quarter sales and profit targets and raising its guidance.
AP News - Brent crude oil prices reached $90.43 per barrel, marking the highest level in a month.
Yahoo Finance - The White House exempted Canadian oil imports from the newly announced tariffs.
AP News - President Trump imposed 50% tariffs on most Canadian goods, including autos, alcohol, and dairy products.
AP News - The tariffs are set to take effect in 30 days.
AP News - Futures for the S&P 500 rose 0.4%, Dow Jones Industrial Average futures increased by 0.3%, and Nasdaq futures climbed 1.3%.
AP News - SanDisk and Western Digital shares jumped more than 7% in early trading.
AP News - Chipmakers Marvell Technology and Intel rose 6.2% and 5.7%, respectively.
AP News - Brent crude oil prices rose to $90.43 per barrel, up $1.21.
Yahoo Finance - Nasdaq-100 contracts jumped 1.3% as semiconductor stocks revived.
Yahoo Finance - Dow Jones Industrial Average futures moved up 0.2%, and S&P 500 futures gained 0.4%.
WHERE:
AP News - The KOSPI Composite index in South Korea jumped 3.6% to 6,747.95 after falling 4.5% the previous day.
AP News - Tokyo’s Nikkei 225 added 3.3% to 66,232.19 after a holiday.
AP News - The U.S. and Iran are involved in escalating conflict, with attacks occurring in the Strait of Hormuz.
AP News - The KOSPI Composite index in South Korea gained over 3%.
WHEN:
AP News - The tariffs announced by Trump are expected to take effect in 30 days.
Yahoo Finance - Earnings reports from companies including GM, Halliburton Company, and 3M Company are anticipated.
WHY:
AP News - Trump stated that the tariffs were imposed because Canada has unfairly discriminated against American goods.
HOW:
AP News - A naval blockade by Yemen’s Iranian-backed Houthis against Saudi Arabia has increased risks to oil supplies.
AP News - The U.S. announced another round of strikes targeting Iran for the 10th consecutive night.
(UPDATED July 21, 2026 14:42 UTC)
Tensions between the U.S. and Iran are escalating, prompting Iran's interior minister to travel to Pakistan for talks. In financial news, GM's stock climbed 1.7% after surpassing Wall Street's second-quarter sales and profit expectations, while Brent crude oil prices hit $90.43 per barrel, the highest in a month, amid concerns over a naval blockade by Yemen's Iranian-backed Houthis that threatens oil supplies. Meanwhile, the KOSPI Composite index in South Korea surged 3.6% to 6,747.95 following a significant drop the previous day, and Tokyo's Nikkei 225 rose 3.3% to 66,232.19 after a holiday, as the White House announced that Canadian oil imports would be exempt from new tariffs.
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(UPDATED July 21, 2026 13:29 UTC)
President Trump has announced a significant new round of tariffs, imposing 50% on most Canadian goods, including autos, alcohol, and dairy products, which are set to take effect in 30 days due to claims of unfair discrimination against American goods. In the financial markets, futures for the S&P 500 rose by 0.4%, while the Dow Jones and Nasdaq also saw gains, with semiconductor stocks leading the way as Nvidia took a stake in Nebius. Meanwhile, tensions continue to escalate between the U.S. and Iran, with the U.S. conducting strikes for the tenth consecutive night in the Strait of Hormuz.