Tech revival powers US stocks higher
The S&P 500 rose 0.5%, the Russell 2000 edged up 0.1%, and the Nasdaq 100 powered 1.1% higher in a tech-driven rally.
As was the case on Tuesday, investors dumped safe stocks that had been doing well while beaten-down parts of the market caught a bid. Tech was the best-performing S&P 500 sector ETF, while consumer staples was at the bottom of the leaderboard with a sharp retreat.
The AI trade was back in force, with energy and infrastructure companies like Vistra and GE Vernova soaring while chip designer Nvidia also booked a huge gain.
Other roughed-up momentum names that led the S&P 500’s charge higher included Tesla (even as more analysts cut their delivery targets) and Palantir.
Intel also surged on reports that TSMC, long rumored to be interested in buying the US chipmaker’s foundry business, approached a host of other chipmakers about a joint venture to do just that.
Apple slumped after Morgan Stanley lowered its estimates for iPhone sales, citing delays in delivering a more useful Siri, and cut its earnings forecast, citing tariffs.
Walmart is learning that no one wants to bear the cost of tariffs: after pushing suppliers to lower their prices, executives were reportedly called upon by Chinese officials who voiced displeasure at this tactic.
Crocs jumped after Loop Capital upgraded the stock.
