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CHIPS AHOY: SEMICONDUCTORS BOOST NASDAQ, S&P 500 TO FRESH ALL-TIME CLOSING HIGHS

Wall Street rallied on Tuesday with microchips putting the Nasdaq out front as the U.S.-Iran truce held, allowing investors to focus on what continues to be, on balance, a robust earnings season.

The S&P 500 and the Nasdaq claimed new record closing highs.

The S&P 500 .SPX gained 58.47 points, or 0.81%, to end at 7,259.22 points, while the Nasdaq Composite .IXIC gained 258.32 points, or 1.03%, to 25,326.12. The Dow Jones Industrial Average .DJI rose 356.35 points, or 0.73%, to 49,298.25.

Wrangling over the Strait of Hormuz stoked fears that the ceasefire was on the brink, but Washington calmed those jitters, claiming the truce still holds despite reported gunfire.

Semiconductors .SOX were yet again the star of the show, jumping 4.2%.

Intel INTC.O advanced 13% following a Bloomberg report saying the company was in talks with Apple AAPL.O to produce the main processors for its gadgets.

Sandisk SNDK.O, Micron MU.O and Applied Digital APLD.O all gained between 11% and 12% on the day.

AMD AMD.O, due to report shortly, ended the day up 4.0%.

Artificial intelligence vanguard Nvidia NVDA.O sat this rally out, ending the day off 1.0%.

Software & Services .SPLRCIS also dipped on continued AI disruption fears.

On the economic front, the Labor Department reported a drop in job openings and a sharp increase in hiring, data from ISM showed the services sector continues to expand despite surging war-related energy prices, and the trade gap narrowed while new home sales rebounded, according to the Commerce Department.

Companies expected to post quarterly results on Wednesday include Disney DIS.N, Uber UBER.N, MetLife MET.N, Warner Bros Discovery WBD.O and Paramount Skydance PSKY.O, among others.

Here's your closing snapshot:

(Stephen Culp)

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