Modest Gains as US Stocks Kick Off Q4
US stocks kicked off the fourth quarter on a steady note, with modest gains across all three major indices. The Dow Jones Industrial Average rose 0.04% to 50,926.56, while the S&P 500 added 0.19% to 7,666.45, snapping a three-session losing streak.
The Philadelphia Semiconductor Index closed up 1.59%, with memory chip and optical communications sectors leading gains. Coherent surged over 10%, Micron Technology advanced 3%, and SK Hynix ADRs jumped more than 5%.
Oil prices also reclaimed the $100 threshold, with Brent crude settling at $102.31 per barrel. The strength in oil lifted energy stocks broadly, as ConocoPhillips gained 1.53% and Chevron added 1.42%.
In other news, AI startup Anthropic is planning an IPO before Thanksgiving, with Broadcom agreeing to provide up to $42 billion in financing for infrastructure spending and chip leasing.