US Stocks Surge Overnight Amid Chipmaker Rally
The US stock market saw a sharp rally overnight due to strong buying trends in chipmaker stocks. The Nasdaq Composite outperformed, gaining nearly 2% with a 439.88 point surge to finish at 26,418.30. The Dow Jones Industrial Average and S&P 500 indexes also rallied around 1%, closing at 51,778.04 and 7,637.76 respectively.
The rally in chip stocks was led by Nvidia, Micron, Intel, AMD, and SanDisk, which all saw significant gains of 2.5% to 7.7%. The decline in crude oil prices and bond yields improved risk appetite for Wall Street, contributing to the market's upward momentum.
However, US stock futures are trading in red on Friday morning, signaling a cautious tone in the market. Investors will continue to digest the implications of the Fed's first rate hike in over three years, as well as geopolitical tensions and oil prices.