Goldman Sachs said that on July 18, the momentum of the U.S. stock market remained strong despite recent selling pressure in the semiconductor sector and weakness in the broader market. Since the end of 2022, the S&P 500 index has risen 95%, placing the current bull market among the top 10 bull markets since 1928. Goldman noted that to break this bullish momentum, “more negative news” is still needed. During the recent run of leading days, semiconductor stocks saw a market value loss of $1.5 trillion after July 25; among them, only Micron fell by nearly $350 billion. The selloff was triggered by measures announced by Trump to restore the blockade on Iranian vessels in the Strait of Hormuz, which further sparked broader market selling and heightened concerns about geopolitical risks and their impact on the Federal Reserve’s rate-cut decisions.