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NASDAQ leads early gains as chip and AI stocks rally

The advance was tied to hopes for a cease-fire in the Straits of Hormuz, while the NASDAQ tested key 100- and 200-hour moving averages.

Reported · Written up by our desk · Major Pairs

US stocks started the new trading week higher, with the NASDAQ index leading the move as chip and AI names helped drive the rally, Forexlive reports.

In a market snapshot, the Dow was up 165 points, or 0.3%, the S&P 500 rose 54 points, or 0.7%, and the NASDAQ gained 285 points, or 1.1%.

Forexlive also pointed to market drivers and technical levels, saying optimism for a cease-fire in the Straits of Hormuz was supporting sentiment. On the NASDAQ, the index was testing its 100 and 200 hour moving averages, with those levels cited at 25,974.15 and 25,931.02.

For the S&P 500, Forexlive said the index was trading between its 100 and 200 hour moving averages, with the 200 hour level at 7,465.15 and the 100 hour level at 7,508.65, and it was quoted near 7,503, just below the 100 hour line.

Latest closeS&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%|Dow Jones 52,552.97 ▼0.2%

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