Chipmakers Lead Rebound as Oil Falls – US Market Wrap
A resurgence in major chipmakers powered a rebound on Wall Street, with stocks also advancing as oil prices declined despite fresh hostilities between the US and Iran.
The Nasdaq 100 rose 1.6%. A semiconductor gauge climbed 3.1%. Micron Technology plans to lift spending on new US plants to $250 billion to meet demand driven by the AI boom. SK Hynix’s US listing was reported to be more than seven times oversubscribed, highlighting strong demand for the South Korean chipmaker.
A volatile stretch for tech stocks in recent weeks has left investors seeking renewed confirmation of the AI trade. While semiconductor shares just posted their best quarter on record, concerns have grown around rising competition, potential overcapacity and whether massive investments will deliver sufficient returns.
Elsewhere, a 30-Year Treasury auction cleared at the highest yield in nearly two decades, underscoring how increased bond supply is forcing investors to demand higher returns on government debt.
