Wall Street today: US stocks gain led by chip shares

At 9:49 a.m. ET, the Dow Jones Industrial Average was up 152.31 points, or 0.40 per cent, at 38,392.29, the S&P 500 was up 34.72 points, or 0.69 per cent, at 5,045.32, and the Nasdaq Composite was up 135.98 points, or 0.88 per cent, at 15,587.28.

At the opening bell, the Dow Jones Industrial Average rose 116.1 points, or 0.30 per cent, to 38,356.07. The S&P 500 rose 18.3 points, or 0.36 per cent, to 5,028.85, while the Nasdaq Composite rose 74.2 points, or 0.48 per cent, to 15,525.552.

ALSO READ: Spotify shares rally 16% after Q1 gross profit tops 1 billion euros

General Motors stock rallied 4.8 per cent after the automaker beat Wall Street estimates for the quarterly results.

Swedish music streaming company Spotify climbed 12.4 per cent after its quarterly gross profit topped 1 billion euros ($1.1 billion) for the first time.

Lockheed Martin shares gained 2.2 per cent after topping its earnings forecast.

GE Aerospace rose 4.8 per cent after the company raised its full year profit forecast.

Shares of megacaps including Meta Platforms , Microsoft and Alphabet rose between 1.1 per cent and 2.3 per cent.

Chipmakers Nvidia, Micron Technology and Advanced Micro Devices added between 1.2 per cent and 1.9 per cent. 

Low-cost airline JetBlue plunged 11.8 per cent as it cut annual revenue forecast.

The yield on the 10-year Treasury fell to 4.58 per cent. The 2-year Treasury yield fell to 4.92 per cent from 4.97 per cent late on Monday.

In overseas stock markets, indices were mostly rising across the Europe.

In Asia, they were mixed. Stocks jumped 1.9 per cent in Hong Kong but fell 0.7 per cent in Shanghai. 

Crude oil

Oil prices slipped on Tuesday. Brent crude oil futures were down 52 cents, or 0.6 per cent, at $86.48 a barrel by 1325 GMT. US West Texas Intermediate crude futures fell 50 cents, or 0.6 per cent, to $81.40. 

Bullion

Gold prices continued to fell on Tuesday on diminishing fears about Middle East tensions. Spot gold was down 0.7 per cent to $2,311.07 per ounce by 9:09 am ET (1309 GMT). Spot silver fell 0.6 per cent to $27.04. 

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Published: 23 Apr 2024, 07:15 PM IST