The S&P 500 turned positive as optimism over war negotiations and gains in large-cap tech offset declines in semiconductor stocks.
The S&P 500 reversed a 40-point pre-market decline to trade 12 points, or 0.2%, higher. The shift followed renewed optimism over war negotiations and mixed performance in tech stocks, with hyperscalers like Meta and Alphabet leading gains.
Semiconductor stocks weighed on the index, with Broadcom down 15%, Micron 7.9%, and Intel 2.4%. Meanwhile, travel-related shares benefited from lower oil prices, with Booking Holdings up 3.6% and the JETS ETF rising 1.3%.
Economic data showed mixed signals, with jobless claims at a 16-week high but job openings at a two-year peak. Markets await Friday’s non-farm payrolls report and commentary from Fed official Kevin Warsh.