Saturday, 29 March 2025
Home Topics Business Rebounding semiconductor shares lead US stocks higher
BusinessElectric Vehicles (EVs)ElectricityFinanceNewsSolarStorage

Rebounding semiconductor shares lead US stocks higher

114
Nvidia, Broadcom and Texas Instruments were among the chip companies that rose more than two percent (AFP)
Nvidia, Broadcom and Texas Instruments were among the chip companies that rose more than two percent. — AFP

Semiconductor shares were among the big winners Monday, rebounding from recent weakness as US stocks climbed ahead of major earnings and economic data later this week.

Nvidia, Broadcom and Texas Instruments were among the chip companies that rose more than two per cent.

The Dow Jones Industrial Average finished up 0.3 per cent at 40,415.44.

The broad-based S&P 500 gained 1.1 per cent to 5,564.41, while the tech-rich Nasdaq Composite Index jumped 1.6 per cent to 18,007.57.

Joe Biden’s surprise announcement that he will not seek reelection dominated the news cycle, but analysts described the effect on the markets of Biden’s exit and endorsement of Vice President Kamala Harris as muted.

Briefing.com analyst Patrick O’Hare said Monday’s gains by chip companies and other technology equities amounted to a “buy the dip trade” after a recent pullback.

But O’Hare also characterized the gains by some large tech companies as a “little bit of a defensive-minded trade” given the headlines.

“We’re in a period of heightened political uncertainty. And those stocks are generally looked at as being defensive outlets, given their industry-leading positions, their balance sheet strength, and their generally dependable earnings growth,” O’Hare said.

Among individual companies Delta Air Lines slumped 3.6 per cent as it continued to be plagued by a major IT outage connected to a flawed update to an antivirus program from American cybersecurity group CrowdStrike.

Delta canceled more than 820 flights on Monday, according to tracker FlightAware.

Crowdstrike also had a rough day, plummeting 13.5 per cent amid worries of a reputational hit to the company.

Verizon tumbled 6.0 per cent after confirming its full-year forecast but reporting second-quarter revenues a bit below analyst expectations.

This week’s earnings calendar includes reports from Google parent Alphabet, General Motors and Coca-Cola, while the economic releases include personal consumption pricing data.

© Agence France-Presse

Related Articles

Lilium burnt through huge sums while trying to develop its jet (AFP)

German flying taxi start-up’s rescue deal collapses

A German flying taxi start-up said on Friday it would halt operations...

FILE PHOTO: U.S. Secretary of the Interior Doug Burgum speaks as he attends a signing ceremony with members of the West Virginia Congressional Delegation at the EPA headquarters in Washington, D.C., U.S., February 18, 2025. REUTERS/Kent Nishimura/File Photo

US energy council chief says power plants to produce 15% more electricity

By Valerie Volcovici WASHINGTON (Reuters) – U.S. Interior Secretary and co-chair of...

Cuba has inaugurated a new solar energy park in the capital Havana (AFP)

Cuba opens solar park hoping to stave off blackouts

Cuba on Friday unveiled a new solar energy park in the capital...

FILE PHOTO: Cranes unload imported iron ore from a cargo vessel at a port in Lianyungang, Jiangsu province, China October 27, 2019. REUTERS/Stringer/File Photo

Iron ore heads for weekly gain on brightening demand outlook, China stimulus hopes

By Amy Lv and Lewis Jackson BEIJING (Reuters) -Iron ore futures prices...

Login into your Account

Please login to like, dislike or bookmark this article.