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Update: US Equities Rise Intraday in Tech-Led Advance as Oil Prices Ease

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Update: US Equities Rise Intraday in Tech-Led Advance as Oil Prices Ease

(Updates with latest market prices and developments.)

US benchmark equity indexes were higher intraday as the technology sector advanced led by chip-related stocks, while oil prices retreated.

The Nasdaq Composite was up 1.2% at 26,172.9 after midday Thursday, while the S&P 500 rose 0.8% to 7,541.2. The Dow Jones Industrial Average added 0.3% to 52,508.8. Among sectors, tech paced the gainers, up 1.9%, while consumer staples saw the steepest decline.

Micron Technology's shares (MU) were up 7.8% intraday, the third-top gainer on the S&P 500. The company said Thursday it plans to invest up to $3 billion in the US semiconductor supply chain.

Other chipmakers also advanced, including ON Semiconductor (ON), Marvell Technology (MRVL), Advanced Micro Devices (AMD), and Intel (INTC).

West Texas Intermediate crude oil was down 2.2% at $71.94 per barrel intraday, while Brent dropped 2.4% to $76.16.

The US launched fresh strikes Thursday on Iran, CNN reported, citing Iran's state news agency, IRNA.

The US Central Command said Wednesday its forces completed another round of strikes against Iran, having struck Tehran earlier in the week after it attacked three tankers that crossed the Strait of Hormuz.

US President Donald Trump said Wednesday he was no longer interested in negotiating with Iran, saying he believed the recent memorandum of understanding signed between the two countries to end their war was over.

The renewed tensions between the US and Iran could be "relatively short-lived" given constraints faced by both countries, according to Macquarie Group.

"The US is constrained by the risk that higher oil prices could return with fewer mitigation sources available as time goes on and the risk that Iran could materially damage (Middle East) oil infrastructure," Vikas Dwivedi, global energy strategist at Macquarie, said in a report e-mailed to. "Likewise, Iran has come through the negotiations with (arguably) a great deal. We would be surprised if they overplay a good hand and test (President) Trump's patience and restraint for minimal remaining gain."

US Treasury yields were lower intraday, with the two-year rate down 3.5 basis points at 4.17% and the 10-year rate falling 2.8 basis points to 4.54%.

PepsiCo (PEP) reported fiscal second-quarter results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. The stock was down 2.9% intraday.

Simply Good Foods (SMPL) lifted its full-year sales outlook as the nutritional snacking company recorded better-than-expected fiscal third-quarter results. The stock was up 3.2%.

In economic news, applications for unemployment insurance in the US unexpectedly declined last week as labor market conditions appeared to hold steady, government data showed Thursday.

Existing home sales in the US unexpectedly decreased in June as the median price reached an all-time high, data from the National Association of Realtors showed.

Gold was up 1.5% at $4,142.70 per troy ounce, while silver gained 4% to $60.91 per ounce.

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