Tech Sector Sees Recovery as Chip Stocks Bounce Back
The tech sector saw some recovery today, led by chip stocks that bounced back from Monday's slide. Nvidia rose 1.6% ahead of its upcoming earnings report on Wednesday, which is expected to be a key event for the market.
Memory names Micron Technology and SK Hynix also recovered some of their losses from yesterday, with gains of 2% and 2.4%, respectively. Advanced Micro Devices saw a significant boost after a bullish analyst note sent its stock up 4.8%.
The Nasdaq Composite led the market with a 0.56% gain as of 12:13 p.m. ET, followed by the S&P 500 and Dow Jones Industrial Average at 0.27% and 0.22%, respectively. The Dow was also influenced by Goldman Sachs' 1.6% rise, which contributed significantly to its gains.
Oil prices took a hit after President Trump's statement about the Navy clearing mines out of the Strait of Hormuz. The United States Oil Fund fell 3.4%, and oil tanker traffic remains limited.