Semiconductor stocks surge after unconfirmed reports of Apple and Intel collaborating on U.S. chip production.
The S&P 500 climbed 1% on Thursday, recovering from Wednesday’s 1.2% drop following the Federal Reserve’s hawkish stance. The Nasdaq Composite led gains with a 1.5% rise, driven by semiconductor stocks after unverified reports of a partnership between Apple and Intel to manufacture chips domestically.
The Dow Jones Industrial Average underperformed, adding just 0.4% as tech stocks dominated. Earlier, a temporary peace deal with Iran eased oil supply concerns, with 12.5 million barrels reportedly passing through the Strait of Hormuz overnight. The United States Oil Fund fell 2.1% on expectations of increased global supply.
Semiconductor stocks rallied sharply, with Intel jumping 10.4%, Micron Technology up 7.9%, and Broadcom gaining 3.9%. Space Exploration Technologies declined 9.9%, reversing earlier gains.