US Stocks Rise as Oil Prices Ease, Chip Stocks Fall

The majority of Wall Street indices rose on Tuesday, despite chip stocks continuing to drop worldwide. The S&P 500 was virtually unchanged in early trading, while the Dow Jones Industrial Average climbed 385 points or 0.7% as of 9:35 a.m. Eastern time.

Oil prices eased further from their two-month high hit last week, with the price for a barrel of Brent crude to be delivered in October falling 2.2% to $83.97. This helped ease Treasury yields in the bond market, with the yield on the 10-year Treasury decreasing to 4.62% from 4.65% late Monday.

Several companies reported stronger profits for the spring than analysts expected, leading their stocks to rise. Coca-Cola climbed 5.8%, Sherwin-Williams rallied 7%, and Illinois Tool Works rose 3.7%. However, chipmakers such as Micron Technology, Advanced Micro Devices, and Nvidia saw significant drops, with Micron falling 8.4%.