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U.S. equities rose on Tuesday as chip stocks rebounded for a second day from last Friday’s rout and oil prices pulled back on hopes a U.S.-Iran deal is nearing.
The Dow Jones Industrials picked up 158.64 points to 50,944.68.
The S&P 500 moved up 5.73 points to 7,411.46.
The tech-heavy NASDAQ settled 55.41 points to 25,875.26.
Micron Technology was higher by almost 2%, adding to a 10% comeback on Monday. The shares tumbled about 20% in two days last week, including a 13% rout on Friday.
Broadcom, which had an equally steep two-day drop last week, was also higher extending its Monday rebound.
OpenAI confidentially filed for an IPO late Monday, adding to enthusiasm around the AI trade. Space and AI play SpaceX is set to make its debut on Friday in what will be the largest IPO ever. The offering is seen by some as adding fuel to the AI-driven bull market, but some investors are wary that it could also mark a top in the trend with its $1.75 trillion valuation.
Prices for the 10-year Treasury moved upward, lowering yields to 4.54% from Monday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices lost $3.50 to $87.80 U.S. a barrel.
Gold prices lost $11.90 to $4,351.50 U.S. an ounce.
