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US stocks rise as chip shares gain ahead of Big Tech earnings
The Dow edged up 0.3%, the S&P 500 added 0.5%, and the Nasdaq gained almost 0.8% as investors awaited results from Alphabet, Intel, IBM, and Tesla.
US equities gained on Monday morning, with chip stocks pushing higher ahead of a busy week of Big Tech earnings, according to Yahoo Finance. The Dow Jones Industrial Average edged up 0.3%, the S&P 500 rose 0.5%, and the Nasdaq Composite climbed almost 0.8%.
Yahoo Finance said the move followed a volatile prior week for semiconductors, and that investors are watching for the next catalyst for the artificial intelligence trade after recent sector rotations. Wall Street has raised expectations for quarterly results from Alphabet, Intel, IBM, and Tesla, with investors looking for evidence of how companies are monetizing AI alongside their capital spending.
In the background, oil prices eased after touching $90 a barrel amid tit-for-tat attacks between the US and Iran over the weekend. Yahoo Finance reported that oil reversed gains after Iran said diplomatic exchanges with the US would continue via mediators, and noted that Brent crude futures remain below their April and May peaks, suggesting energy markets may be factoring in alternative shipping routes for exports beyond the Strait of Hormuz.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|S&P 500 7,533.77 ▼0.5%