CNBC Markets Now Recap: July 21 2026 – Chip Stocks Propel a Broad Market Rally

At about 6:21 p.m. EDT on Tuesday, July 21, 2026, CNBC’s Markets Now aired its daily market‑move roundup, with senior markets commentator Michael Santoli steering the conversation from the Nasdaq MarketSite studio in Times Square.

It was a bright‑looking day on the streets of Wall Street. The Dow Jones Industrial Average nudged up 385 points – roughly 0.74 % – closing around 52,225. The S&P 500 slipped out of a three‑day losing streak, gaining 0.89 % to settle near 7,509, while the tech‑heavy Nasdaq led the pack with a 1.29 % rise, ending the session at about 25,837.

What powered that lift? Santoli pointed straight to the semiconductor sector. The VanEck Semiconductor ETF (SMH) jumped 4 %, and heavy hitters like Marvell Technology (+6 %), Micron (+12 %), Intel (+8 %) and the newer entrant Astera Labs (+3 %) all posted solid gains. Even industrial stalwart 3M surprised the crowd, rallying roughly 7 % after a better‑than‑expected earnings release.

Speaking in broader terms, eToro’s U.S. analyst Bret Kenwell noted that the “earnings beat rhythm” was finally catching up with investors’ risk appetite. FactSet data showed that out of 66 S&P 500 companies reporting earnings that day, about 88 % beat analysts’ forecasts – a comforting sign after a string of soft results earlier in the week.

On the flip side, the market wasn’t ignoring the headlines from the Middle East. While the U.S. Central Command marked its 10th consecutive night of airstrikes, Tehran’s recent attacks on U.S. assets and the Houthi‑led maritime embargo on Saudi Arabia kept oil traders alert. Crude prices responded, with WTI climbing to $84.91 a barrel and Brent edging up to $91.01 – roughly a 2 % gain for both benchmarks.

Looking ahead, analysts flagged upcoming earnings from the likes of Alphabet, IBM and Tesla as the next big catalysts. CFRA’s chief investment strategist Sam Stovall warned that “while today’s rally feels broad, the momentum could be fragile if the next wave of earnings disappoints.”

All in all, Santoli wrapped the segment by reminding viewers that markets are rarely driven by a single factor – it’s the mix of chip‑stock enthusiasm, a solid earnings backdrop, and a tentative easing of geopolitical risk that kept the indices on the rise.