US Stocks Surge as Chipmakers Drive Record-Breaking Quarter

The US stock market finished the day in positive territory on Tuesday, as chipmakers led the charge. The S&P 500 rose 0.8%, while the Nasdaq 100 jumped 1.7% and the Dow Jones Industrial Average gained 0.3%. This marked the best quarterly performance for both the S&P 500 and Nasdaq since 2020.

The Philadelphia Semiconductor Index hit its best quarter on record, with the VanEck Semiconductor ETF (SMH) climbing 3.7%. The index's strong showing was driven by investors' focus on AI capex buildout and trade.

Among other notable movers, Intuitive Machines (LUNR) and FireFly Aerospace (FLY) saw their shares surge after being awarded lunar lander contracts for the Artemis moon base project. Amazon (AMZN) announced a $1 billion investment in its AWS division to embed top-tier AI experts within client organizations.

Visa Inc., Stripe Inc., and Bank of New York Mellon Corp. are among dozens of financial firms joining forces to launch a stablecoin, according to reports.