Memory Stocks Spark a Market Rebound; Dow Jones Joins the Party

By 11:31 a.m. ET, the Nasdaq Composite (NASDAQINDEX: ^IXIC) had jumped 1.3%, the S&P 500 (SNPINDEX: ^GSPC) was up 0.7%, and the Dow Jones Industrial Average (DJINDICES: ^DJI) had gained 0.6%. The league started with a little wobble; each 3 indexes opened successful the greenish but dipped successful the archetypal 20 minutes earlier uncovering their footing. By precocious morning, each had deed caller league highs.

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^IXIC information by YCharts

Why spot stocks support bouncing backmost

Memory spot stocks stole the amusement connected Tuesday. Micron Technology (NASDAQ: MU) surged 10.1% aft Morgan Stanley predicted representation prices could emergence 25% connected continued AI demand. SK Hynix (NASDAQ: SKHY), the Korean representation elephantine that conscionable debuted connected the Nasdaq earlier this month, jumped 10.9% arsenic bargain hunters piled successful to instrumentality vantage of past week's sell-off.

The iShares Semiconductor ETF (NASDAQ: SOXX) climbed 5.2%, extending Monday's gains. Memory chips led the charge, but the chipmaker rally was broad. Nvidia (NASDAQ: NVDA) roseate 1.5% aft releasing caller details astir its Vera CPU for AI information centers. Advanced Micro Devices (NASDAQ: AMD) popped 6.1% without overmuch quality of its own. If anything, Nvidia's Vera chips airs a caller menace to AMD's EPYC server processors; nary 1 said the banal marketplace had to marque sense.

The Dow got assistance from an improbable source. Caterpillar, Monday's biggest drag, reversed people with a 2.7% gain. 3M (NYSE: MMM) extended a post-earnings rally to 9.8% aft beating expectations with bullish second-half guidance. Together, the 2 industrials contributed much than 230 points to the Dow's advance.

President Donald Trump's announcement of 50% tariffs connected astir Canadian goods hardly registered with investors. The duties instrumentality effect successful 30 days, leaving country for negotiation. Canadian Prime Minister Mark Carney said Ottawa is acceptable to talk.

Oil prices kept climbing. Brent crude topped $91 per tube arsenic tankers reportedly caught occurrence successful the Strait of Hormuz. Gold caught a tailwind, too. The SPDR Gold Shares ETF (NYSEMKT: GLD) roseate 1.8%, suggesting immoderate investors are hedging their optimism.