Stocks surge as tech, chips and oil swing hard

The big picture. U.S. stocks finish higher across the board. The S&P 500 rises 1.8% to 7736.52, the Nasdaq gains 2.6% to 26584.9922, the Dow adds 1.7% to 54085.8789, and the Russell 2000 climbs 1.9% to 3036.9753. The move comes with tech up 5.0%, the strongest sector by far, while materials and industrials also help.

The day’s tape is led by megacap tech and chip names. CNBC reports AMD’s revenue climbs 50% and data center sales doubled, while other names tied to the rebound include PLTR, INTC, SMCI, MU, and QCOM among the day’s biggest gainers. At the same time, some high-volume winners like NVDA and SPCX stay active as traders pile into the tech move.

Rates ease lower. The 5-year Treasury drops 1.5% to 4.333, the 10-year falls 1.3% to 4.627, and the 30-year slips 0.8% to 5.19. Credit is firmer too, with LQD up 0.6%, HYG up 0.3%, and MUB up 0.3%.

Outside the U.S., the picture is mixed but mostly constructive. The DAX rises 1.5%, the CAC 40 adds 1.2%, the FTSE 100 gains 0.2%, and the Stoxx 600 closes up 0.5%. In Asia, the Hang Seng edges up 0.5%, while the Nikkei falls 0.9%, the Shanghai Composite slips 0.6%, and the Kospi drops 5.1%. Crypto is steady to higher, with Bitcoin up 1.2% to 64235.75, Ethereum up 0.9% to 1875.42, and the total crypto market cap up 0.8% to $2.3T.