US stocks closed higher across the board, with the Nasdaq Composite and Nasdaq 100 leading the gains as chip and AI-related names rallied. Nvidia snapped a seven-day losing streak ahead of its earnings release, while falling crude oil and lower Treasury yields helped support the broader move.
The S&P 500 rose 24.42 points, or 0.32%, to 7,677.27. The Dow Jones Industrial Average added 160.02 points, or 0.30%, to 53,582.37. The Nasdaq Composite climbed 171.11 points, or 0.66%, to 26,151.30. The Nasdaq 100 gained 186.05 points, or 0.64%, to 29,209.23. The Russell 2000 added 14.49 points, or 0.50%, to 3,010.02.
Nvidia shares rose 2.19%, snapping a seven-day losing streak ahead of its earnings release after the close tomorrow. Micron Technology gained 2.48% and Marvell Technology rose 4.84%, with Marvell scheduled to report earnings on Thursday. Other chip and AI-related gainers included Lumentum Holdings, up 6.67%, and AMD, up 4.91%.
Crude oil also helped drive the gains, with the price falling to $80.50, down $4.56 on the day, after an unconfirmed late-day report that the US and Iran had reached a peace agreement. Meanwhile, two-year yields fell 6 basis points and 10-year yields dropped 8.1 basis points.
With Nvidia and Marvell earnings still ahead, the next two sessions will likely determine whether today's technology-led rebound can develop into a more sustained move.
Source: Investinglive
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