Tel Aviv Stock Exchange Opens July and Q3 After June Decline

The Tel Aviv Stock Exchange (TASE) begins July and the third quarter following a challenging June. While TASE fell by 8.7% in June and ended the second quarter in negative territory, it rebounded slightly with the TA-35 and TA-125 indices rising about 1.3% yesterday, led by gains in semiconductor stocks such as Nova, which surged 8.6%, and Tower Semiconductor, up 8.3%. Over June, the TA-125 index dropped 9.5%, and the exchange's own stock declined sharply by 27.1%. For the entire second quarter, the TA-35 index decreased by 2.1%, although it remains up 12% year-to-date. Notable performers in Q2 included Tower Semiconductor, which jumped 31.1%, while the Delek Group fell 26.4%.

In contrast, Wall Street closed the second quarter on a strong note, with the Nasdaq and S&P 500 recording their best quarterly gains since 2020. The Nasdaq rose 1.5% on the last trading day, with major tech stocks posting significant gains: AMD surged 7.7%, Intel 6%, Marvell 7.3%, and Apple 2.7%. For Q2, the S&P 500 climbed 14%, and the Nasdaq gained 20%. The Dow Jones also marked its best first half of the year since 2021. This strong performance in the US markets contrasts with the recent weakness seen in the Israeli market, highlighting differing regional trends as the new quarter begins.