Nasdaq 100 Breaks 28,000 as Chip Stocks Surge and Oil Tumbles
MarketDash
The Nasdaq 100 hit a fresh record above 28,000 on Tuesday, driven by a semiconductor rally and a sharp drop in oil prices that lifted the broader market. Small caps led the charge as Treasury yields fell.
Get Market Alerts
Weekly insights + SMS alerts
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.
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.
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.
Chip and chip-equipment names led the tech complex higher. Intel Corporation (INTC) surged 14.11% to $109.29 on renewed reports that Apple Inc. (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.
Bullish (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 (WAT) jumped 12.2% to $338.83 after delivering a strong quarterly print and lifting full-year guidance, while industrial bellwether Rockwell Automation, Inc. (ROK) climbed 11.8% on a top- and bottom-line beat that reinforced reshoring momentum.
On the downside, BellRing Brands, Inc. (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 (IPGP) tumbled 25.9% on a downbeat industrial-laser demand backdrop and weak forward guidance, and Inspire Medical Systems, Inc. (INSP) sank 16.4% as competitive concerns and softer procedure trends weighed on the sleep-apnea device maker.
Construction-tech name Procore Technologies, Inc. (PCOR) fell 10.6% after a soft billings outlook clouded otherwise solid quarterly results, while defense contractor Huntington Ingalls Industries, Inc. (HII) dropped 10.1% on shipbuilding margin pressure. Within financials, Fiserv, Inc. (FISV) shed 9.3% on continued payment-volume concerns, weighing on the broader sector.
