Nasdaq, Dow and S&P 500 Jumps as Chip Stocks Power Wall Street Higher
Complete. Here is the key summaryU.S. stocks rose on Tuesday, driven by strong semiconductor gains and better-than-expected corporate earnings. The Nasdaq led with a 1.3% increase, while the Dow and S&P 500 also posted gains. Semiconductor ETFs climbed 4%, with Micron, Intel, and Marvell surging. Earnings from 3M and General Motors exceeded expectations, contributing to positive sentiment despite ongoing geopolitical tensions in the Middle East.
U.S. stocks moved higher in Tuesday trading as gains in semiconductor shares and another round of stronger-than-expected corporate earnings helped investors look past ongoing geopolitical tensions in the Middle East.
The Dow Jones Industrial Average rose about 0.7%, while the S&P 500 gained roughly 0.8% and the Nasdaq Composite advanced about 1.3%. Semiconductor stocks led the market higher, with the VanEck Semiconductor ETF climbing around 4%. Micron Technology jumped about 10%, Intel gained roughly 7%, Marvell Technology (MRVL) rose about 7%, and Astera Labs (ALAB) added nearly 6%.
Earnings also supported sentiment. 3M (MMM) surged more than 9% after reporting quarterly results that exceeded expectations, while General Motors (GM) climbed about 5% following better-than-expected second-quarter earnings. According to FactSet data, nearly 88% of the 66 S&P 500 companies that have reported earnings so far have topped analysts' profit estimates.
Investors also continued monitoring developments in the U.S.-Iran conflict and oil prices while awaiting earnings reports from Alphabet (GOOGL), IBM and Tesla later this week.