Optical Communications, Memory Chips Boost US Stocks; Nvidia Sets Record Buyback
The US stock market closed marginally higher on October 1, with the Dow and Nasdaq each gaining 0.04%, and the S&P 500 up 0.19%. Optical communications and memory chip sectors led the rally, with Coherent surging over 10%.
Coherent was among several companies in the optical communications sector that rose significantly, including Credo, Lumentum, Corning, and Astera Labs. In the memory chip space, SK Hynix jumped 5%, Micron Technology gained 3%, SanDisk advanced 2.75%, Seagate Technology climbed 2.52%, and Western Digital added 1.78%.
Nvidia's stock also rose to its highest close since mid-May, after the company announced an additional $150 billion share buyback authorization, bringing its total repurchase program to a record-breaking $235 billion.