Tech Stocks Surge as Oil Prices Hold Steady Amid Iran Conflict
The US stock market rose on Wednesday as tech companies and relatively steady oil prices helped lift the market after a downbeat start to the week.
Big technology companies like Nvidia, Meta, and Netflix led the gains, with Nvidia rising over 3% and Dell Technologies jumping 13% after delivering strong second-quarter profits. The Dow Jones Industrial Average rose 0.6%, while the S&P 500 and Nasdaq composite gained 0.5% each.
Oil prices held relatively steady despite the ongoing conflict in Iran, with Brent crude rising 1% to settle at $95.63 per barrel. Energy stocks were mixed, with Chevron edging 0.3% higher after confirming it would expand operations in Venezuela.
The yield on the 10-year Treasury fell to 4.78% from 4.79% late Tuesday. Angelo Kourkafas, senior global strategist at Edward Jones, said that Friday's employment report and next week's inflation data will play a significant role in determining whether policymakers decide to raise rates in September.