US Closing Bell | Tech Optimism Propels Nasdaq 1% Higher, Dow Adds 360 Points

US Closing Bell04:07

October 22, U.S. stocks closed higher as a late-session tech rally offset mixed earnings results. The Dow Jones Industrial Average added 0.69% to 52,856.09, the S&P 500 gained 0.58% to 7,757.17, and the Nasdaq Composite outperformed with a 1.05% advance to 26,702.86 as megacap technology shares rebounded. Strength in semiconductor names and renewed enthusiasm for artificial-intelligence themes helped the market overcome lingering worries about higher-for-longer interest rates.

Chipmakers and growth favorites led the session’s winners, while a few high-profile names lagged. The Space Exploration & Innovation ETF (SPCX) surged 7.79%, Bloom Energy climbed 7.13%, Palantir Technologies rose 4.74%, Tesla advanced 3.41%, Advanced Micro Devices gained 3.36%, and Nvidia added 2.50%. On the downside, Netflix fell 5.31% after a recent rally, and Alphabet Class C shares slipped 1.63% amid renewed regulatory scrutiny.

Activity in thematic and leveraged products highlighted growing risk appetite. The Direxion Daily Semiconductors Bull 3x ETF (SOXL) jumped 5.83%, Tesla-centric TSLL rallied 6.69%, and the tech-heavy ProShares UltraPro QQQ (TQQQ) climbed 3.12%, while Taiwan Semiconductor edged up 1.60%. Conversely, bearish chip fund SOXS fell 6.03%, and Sea Ltd. dropped 3.10% as investors rotated out of Southeast Asian internet plays.

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