S&P 500 Clings to Record Despite Iran Shock—If Chips Stumble, So Does the Market

The S&P 500 sat within 1% of its June 2 record high as of July 9, 2026, despite Trump's Iran comments tanking equities on July 8. Oil spiked on supply concerns, then retreated the next day as chip stocks surged. The pattern reveals how narrowly the market's resilience hinges on semiconductor strength. If a future geopolitical shock coincides with chip weakness rather than offsetting it, the index's cushion vanishes fast.