S&P 500 and Nasdaq notch records as AI chip stocks surge
- On Tuesday, the S&P 500 rose 0.81% to 7,259.22 and the Nasdaq gained 1.03%, both hitting record closes as AI-related stocks lifted all 11 S&P sectors and pushed the PHLX chip index to a record high.
- Intel surged 13% after Bloomberg News reported Apple may enlist the company's chipmaking services, while AMD rallied 4% ahead of its quarterly report reflecting investor focus on AI-driven growth.
- Advancing issues outnumbered decliners by a 1.7-to-one ratio, with DuPont rallying 8.4% after lifting its annual profit forecast and Archer-Daniels-Midland rising 3.8% on better-than-expected first-quarter earnings.
- S&P 500 companies are on track for 28% year-over-year earnings growth, the strongest quarterly performance since 2021, with Tom Hainlin of Bank Wealth Management noting that "Business spending remains strong, whether it's on AI or other productivity tools."
- The Institute's Non-Manufacturing Purchasing Managers index registered 53.6 for April, while Washington reported the ceasefire with Iran remained intact, stabilizing energy markets with Brent crude trading at $110 a barrel.
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