US Stocks End Week Higher Amid Signs of Diplomatic Talks with Iran
The US stock market ended the week on a high note, despite ongoing tensions between the US and Iran. The S&P 500 rose by 0.5%, the Nasdaq 100 added 0.4%, while the Dow Jones Industrial Average surged 0.9%. This comes after Tehran submitted a proposal to Washington to resolve hostilities and launch broader negotiations on its nuclear program, as reported by The New York Times.
The increase in stocks was largely driven by gains in chipmaker shares, with Nvidia (NVDA), Broadcom (AVGO) and Micron Tech (MU) leading the way. The VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) rose about 1.4% each.
Tech stocks also performed well, with Meta Platforms Inc. (META) seeing gains following the popularity of its Muse AI. Analysts estimate that worldwide Muse revenue will grow from $55 million this year to $1.8 billion in 2027 and reach $27 billion in 2031.