The Nasdaq 100 surged past 28,000 during Tuesday morning trading, setting a fresh record as AI-driven gains in semiconductor stocks continued to power the broader tech sector, defying pressure from elevated oil prices and geopolitical tension.

• State Street Materials Select Sector SPDR ETF shares are trending higher. What’s driving XLB shares up?

The S&P 500 climbed 0.8% to 7,259 by midday trading in New York, while the Dow Jones Industrial Average added 0.6% to 49,228 and the tech-heavy Nasdaq 100 jumped 1.1%.

Small-caps led the tape, with the Russell 2000 rallying 1.6% to 2,840 as falling Treasury yields lifted rate-sensitive corners of the market. The CBOE Volatility Index slipped 4.6% to 17.45, signaling a notable easing of risk aversion.

The driving force was a sharp drop in energy prices. WTI crude tumbled 4.1% to $102.08 a barrel and Brent slid 3.5% to $110.47 after President Donald Trump signaled progress in negotiations with Iran.

The 10-year Treasury yield ticked down to 4.07%, and the long bond eased to 4.42%, supporting interest-rate-sensitive sectors. The U.S. Dollar Index drifted lower as the euro firmed to 1.1700 and the British pound advanced to 1.3564. 

Gold added 0.9% to $4,562 an ounce, while Bitcoin (CRYPTO: BTC) rebounded 1.9% to $81,404, lifting crypto-linked equities.

Tuesday’s Performance In Major U.S. Indices, ETFs

Index	Last	Change	% Change
S&P 500	7,259.11	+58.36	+0.8%
Dow Jones Industrial Average	49,227.98	+286.08	+0.6%
Nasdaq 100	27,947.58	+295.76	+1.1%
Russell 2000	2,840.10	+44.10	+1.6%

According to Benzinga Pro platform:

• The SPDR S&P 500 ETF Trust (ARCA: SPY) rose 0.8%.
• The SPDR Dow Jones Industrial Average ETF Trust (ARCA: DIA) gained 0.6%.
• The Invesco QQQ Trust (NASDAQ: QQQ) advanced 1.1%.
• The iShares Russell 2000 ETF (ARCA: IWM) jumped 1.6%.

Sector Performance: Materials Lead, Communications Lag

Cyclicals dominated the leaderboard. The Materials Select Sector SPDR Fund (ARCA: XLB) led the tape with a 2.2% advance as copper futures rallied 2.8% on supply tightness and weaker dollar dynamics. The Technology Select Sector SPDR Fund (ARCA: XLK) climbed 2.1%, powered by chipmakers and capital-equipment names. 

The Communication Services Select Sector SPDR Fund (ARCA: XLC) fell 0.5%, as both Meta Platforms Inc. (NASDAQ:META) and Netflix Inc. (NASDAQ:NFLX) continued to slide.

Chip and chip-equipment names led the tech complex higher. Intel Corporation (NASDAQ: INTC) surged 14.11% to $109.29 on renewed reports that Apple Inc. (NASDAQ:AAPL) is evaluating Intel’s foundry services for a future generation of in-house silicon, lending fresh credibility to the chipmaker’s turnaround under CEO Lip-Bu Tan. 

Micron Technology, Inc. (NASDAQ: MU) rallied 9.8% to $633 amid resilient AI-memory pricing and bullish hyperscaler capex commentary, while SanDisk Corporation (NASDAQ: SNDK) tracked higher in sympathy.

Bullish (NYSE: BLSH), a cryptocurrency exchange and blockchain technology company, led the entire Russell 1000 with a 13% surge to $45.99, riding renewed enthusiasm in digital-asset infrastructure as Bitcoin reclaimed $81,000. 

Earnings reactions and idiosyncratic catalysts drove outsized single-name moves on Tuesday.

Waters Corp (NYSE: WAT) jumped 12.2% to $338.83 after delivering a strong quarterly print and lifting full-year guidance, while industrial bellwether Rockwell Automation, Inc. (NYSE: ROK) climbed 11.8% on a top- and bottom-line beat that reinforced reshoring momentum.

On the downside, BellRing Brands, Inc. (NYSE: BRBR) collapsed 43.4% to $9.82, the day’s worst Russell 1000 performer, after the protein-shake maker slashed its full-year sales and earnings outlook, citing intensifying competition in the ready-to-drink nutrition aisle. IPG Photonics Corporation (NASDAQ: IPGP) tumbled 25.9% on a downbeat industrial-laser demand backdrop and weak forward guidance, and Inspire Medical Systems, Inc. (NYSE: INSP) sank 16.4% as competitive concerns and softer procedure trends weighed on the sleep-apnea device maker.

Construction-tech name Procore Technologies, Inc. (NYSE: PCOR) fell 10.6% after a soft billings outlook clouded otherwise solid quarterly results, while defense contractor Huntington Ingalls Industries, Inc. (NYSE: HII) dropped 10.1% on shipbuilding margin pressure. Within financials, Fiserv, Inc. (NYSE: FISV) shed 9.3% on continued payment-volume concerns, weighing on the broader sector.

Russell 1000 Top Gainers

Company	% Change
Bullish	+13%
Waters Corp	+12.2%
Intel Corp	+14.11%
Rockwell Automation	+11.8%
Micron Technology	+9.8%

Russell 1000 Top Losers

Company	% Change
BellRing Brands	-43.4%
IPG Photonics	-25.9%
Inspire Medical Systems	-16.4%
Procore Technologies	-10.6%
Huntington Ingalls Industries	-10.1%

Photo: PJ McDonnell via Shutterstock