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Nasdaq Rises, Oil Prices Fall, Storage Chip Stocks Rebound; Market Focuses on AI Sector Ahead of NVIDIA Earnings
The Nasdaq Composite rose 0.56%, the S&P 500 gained 0.27%, and the Dow Jones Industrial Average was up 0.22% on Tuesday afternoon ET. Storage chip stocks rebounded from the previous day's decline, with NVIDIA up 1.6%, Micron Technology up 2%, and SK Hynix up 2.4%. Meanwhile, the United States Oil Fund (USO) fell 3.4% after President Donald Trump stated that the Navy had cleared mines from the Strait of Hormuz, easing market concerns about supply. Gold and Bitcoin have also seen recent gains, with Bitcoin hitting $80,000 in early trading on Tuesday, as investors, worried about government debt and a weakening dollar, turned to hard assets.
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