Commodities
Stocks Soar on Crude Price Drop and Chipmaker Strength
The US stock market has seen gains today amid lower crude oil prices and strength in chipmakers.
The S&P 500 Index, Dow Jones Industrial Average, and Nasdaq 100 Index are up by +0.25%, +0.36%, and +0.30% respectively.
This is despite a report that US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz, which has led to a decline in WTI crude oil prices by more than -1%.
The strength in chipmakers and AI stocks is also contributing to the market's gains, with the iShares Semiconductor ETF up more than +1%.