S&P 500 Near Record Despite Iran Shock—Chip Stocks Hold the Line

The S&P 500 sat within 1% of its June 2 record on July 9, 2026, despite Trump's Iran comments rattling equities the day before. Oil spiked on supply fears, then retreated as semiconductor stocks surged. The market's resilience turns entirely on chip strength. A future geopolitical shock hitting when semiconductors stumble would erase the index's cushion fast.