Stock market today: Dow, S&P 500, Nasdaq rise as semiconductor stocks lead tech sector higher
US stocks rose on Tuesday morning as the AI trade, earnings, and an upcoming Fed decision remained in focus.
The Dow Jones Industrial Average (^DJI) rose above the flatline, while the tech-heavy Nasdaq Composite (^IXIC) climbed 1.2%. The S&P 500 (^GSPC) gained 0.7% as semiconductor stocks gained.
(^DJI)
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As of 12:23:58 PM EDT. Market Open.
^DJI^GSPC^IXIC
AI stocks continued to benefit from revived enthusiasm after Anthropic’s (ANTH.PVT) IPO investor prospectus, which the company filed publicly on Monday, highlighted the promise — and risks — of artificial intelligence. In Asia, the resurgent AI trade helped lift South Korean chip stocks and the KOSPI (^KS11) index.
Another catalyst for tech investors arrives Wednesday, when Alphabet (GOOG) and Microsoft (MSFT) report their third quarter results. In the meantime, on Tuesday, investors digested better-than-expected earnings from Coca-Cola (KO) and fintech SoFi Technologies Inc. (SOFI).
Anticipation also continues to build ahead of the Federal Reserve’s interest rate decision on Wednesday. Policymakers began their two-day meeting on Tuesday to discuss whether hotter-than-expected inflation warrants a rate hike. Investors aren’t convinced the Fed will move, pricing in just 10% odds of a hike, per CME Group.
