The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.89%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.74%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.93%. September E-mini S&P futures (ESU26) rose +0.81%, and September E-mini Nasdaq futures (NQU26) rose +1.82%.
Stock indexes settled higher on Tuesday as a rebound in chipmakers and AI-infrastructure stocks gathered steam. The recent selloff in chipmakers has cheapened valuations, enticing dip buyers ahead of earnings results of megacap technology stocks this week, beginning with Alphabet and Tesla on Wednesday. On the downside, software stocks were weak on Tuesday after Morgan Stanley downgraded several in the sector. Also, rising crude oil prices pushed bond yields higher, with the 10-year T-note yield climbing to a 2-month high of 4.64% on Tuesday.
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