Wall Street closes higher as chip stocks rally

The West Australian07-06 15:53

The S&P 500 and Nasdaq have ended sharply higher, with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that are expected to drive a ...

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If you're not in certain tech names, if you're not in semiconductors, then you're basically missing the entire rally,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.\"I think it's a very tenuous rally. There is a risk, particularly if the Fed continues to see higher interest rates for longer.\"Taking advantage of massive investor demand for AI-related chip stocks, South Korea's SK Hynix was set to debut on the Nasdaq later this week.Microsoft shares fell almost 1.0 per cent after the tech heavyweight said it was cutting about 2.1 per cent of its workforce, or roughly 4,800 jobs.\"What the market is saying is Microsoft can't afford all of its CapEx and there's not a clear return on invested capital yet. Therefore, laying off people in lieu of moderating CapEx spend is perceived as a negative,\" said Thomas Hayes, chairman at Great Hill Capital LLC.In economic data, the Institute for Supply Management said its non-manufacturing purchasing managers index edged down to 54.0 last month, matching expectations.SpaceX dipped 1.0 per cent with more than $US26 billion ($A38 billion) worth of its shares exchanged, most of that in the final seconds of the session.Elon Musk's rocket and AI giant is set to join the tech-heavy Nasdaq 100 on Tuesday.The S&P 500 climbed 0.72 per cent to end the session at 7,537.43 points, the Nasdaq gained 1.12 per cent to 26,121.16 points and the Dow Jones Industrial Average rose 0.29 per cent to 53,055.91 points.Even though the S&P 500 rose, declining stocks outnumbered rising ones within the index by a 1.3-to-one ratio.Following Monday's gains, the S&P 500 is up about 10 per cent in 2026 and it remains down about 1.0 per cent from its record high close on June 2.With major US companies set to begin reporting quarterly earnings in the next few days, investors have high expectations.Analysts expect S&P 500 companies to increase their earnings by an aggregate 24 per cent year-over-year in the second quarter, according to LSEG I/B/E/S.Tech sector earnings are projected to jump about 65 per cent.Delta Air Lines and PepsiCo are set to report results later in the week.Following a cooler-than-expected jobs report last week, traders are pricing in a 25 per cent chance of a 25-basis-point rate hike at the central bank's July 29 meeting, according to CME's FedWatch tool.Hawkish bets had risen after last month's Fed meeting, the first under new chair Kevin Warsh.The minutes are due on Wednesday.Fed governor Christopher Waller said on Monday that forward guidance can be a \"valuable tool\" that speeds up the effect of monetary policy under the right circumstances but can become problematic when used inflexibly.Shares of O'Reilly Automotive tumbled 6.7 per cent after Bloomberg News reported on Thursday that the car parts retailer sent a cash offer to buy Genuine Parts.Genuine Parts fell about 3.0 per cent.Volume on US exchanges was relatively light, with 16.8 billion shares traded, compared to an average of 23.4 billion shares over the previous 20 sessions.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2649609725","isCrawlerRequest":true}