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Update: Chipmakers Push US Equity Indexes Higher in Midday Trading

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(Updates with index/price moves and company/geopolitical news from the first paragraph.)

US equity indexes rose as a sharp move up in chipmakers lifted technology to the top of sector charts.

The Nasdaq Composite jumped 1.3% to 25,842.1, with the S&P 500 up 0.8% to 7,504.3 and the Dow Jones Industrial Average higher by 0.7% to 52,224.5.

All sectors except consumer staples, utilities, and communication services rose. Technology was the standout gainer, up 2.2%, followed by energy.

Out of the top ten companies with a market capitalization of more than $200 billion, all but one were from the technology sector, according to data compiled by Finviz. Within that tech dominance, seven were from semiconductors and semiconductor equipment and materials industries, including Intel (INTC).

Intel is planning to lay off workers within its data center group, Business Insider reported Tuesday, citing a company spokesperson. Its shares surged 6.9%, one of the top gainers on the S&P 500 and the Nasdaq.

In geopolitical news, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.

The front-month US West Texas Intermediate climbed 2.6% to $85.40 a barrel, and global benchmark North Sea Brent marched higher by 2.3% to $91.30 a barrel.

US Treasury yields rose, with the 10-year up 2.8 basis points to 4.63%. The two-year jumped four basis points to 4.26%.

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