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WALL STREET SNAPS LOSING STREAK AS CHIPS REBOUND

Wall Street advanced on Tuesday, breaking a three-day slump with a solid boost in the form of a chips bounce-back.

The Dow Jones Industrial Average .DJI rose 385.38 points, or 0.74%, to 52,224.64, the S&P 500 .SPX gained 65.92 points, or 0.89%, to 7,509.20 and the Nasdaq Composite .IXIC gained 329.13 points, or 1.29%, to 25,837.21.

While semis were the star players—the Philadelphia SE Semiconductor Index .SOX jumped 5.2%—the rally broadened as the session progressed, with nine of the 11 major S&P sectors ending green.

There were no catalysts in the form of economic data, but a series of strong, beat-and-raise quarterly reports from industrials, including Hasbro HAS.O, GM GM.N and 3M MMM.N and Northrop Grumman NOC.N appeared to justify sky-high earnings estimates.

At last glance, analysts expect year-on-year S&P 500 earnings growth of 26.0%, on aggregate, for the April-to-June period.

On Wednesday, Alphabet GOOGL.O, Tesla TSLA.O and IBM IBM.N will give investors a glimpse of the tech side of things.

Alphabet faces elevated investor scrutiny following the delay in the launch of its Gemini AI model, even as Chinese open-source models pose an increasing challenge to U.S. developers and further stoke worries over massive data center spending.

Last week, IBM issued a disappointing pre-announcement, forecasting Q2 revenue and profit would fall short of estimates, saying that it failed to keep pace with a corporate spending shift from software to data-center infrastructure, underscoring looming concerns over AI's potential disruption of software companies. The S&P Software & Services Index .SPLRCIS ended down 1.1% and remains off 18.2% so far this year.

Energy shares .SPNY advanced as widening hostilities in the Middle East as a result of the U.S.-Iran war fanned fuel supply worries. Front-month WTI and Brent crude futures rose to five-week highs; both settled up 2.0%.

Here's your closing snapshot:

(Stephen Culp)

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