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Update: Equity Markets Rise Intraday in Tech-Led Advance

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Update: Equity Markets Rise Intraday in Tech-Led Advance

(Updates with latest market prices and developments.)

US benchmark equity indexes were higher intraday as a rally in chip stocks drove the technology sector higher, even as tensions between the US and Iran remained high.

The Nasdaq Composite was up 1.4% at 25,854.7 after midday Tuesday, while the S&P 500 advanced 0.9% to 7,508.7. The Dow Jones Industrial Average rose 0.9% to 52,280.4. Most sectors were in the green, led by tech's 2.2% gain, while consumer staples led the laggards.

Micron Technology (MU) was among the best performers on the S&P 500, up nearly 13%, along with Sandisk (SNDK), which also surged almost 13%. Intel (INTC) jumped 8.1%, while Nvidia (NVDA) also moved higher.

"Stock traders today have shrugged off the news from the war in favor of buying the chip makers again, presumably on the hope that the (artificial intelligence) hyperscalers, when they report (second-quarter) earnings over the next few days, will also report large capital spending plans," Macquarie said Monday in a report. "That's hoped to boost the earnings outlooks for the hardware makers."

West Texas Intermediate crude oil was up 2.4% at $85.25 a barrel intraday, while Brent rose 2.1% to $91.07.

Kuwait, Bahrain and Jordan intercepted Iranian aerial attacks on Tuesday, CNN reported. The US Central Command said Monday its forces had struck Iran again.

Two tankers carrying Saudi crude turned back in the Red Sea as Yemen's Iran-aligned Houthis threatened to strike vessels using Saudi ports, Reuters reported.

Treasury yields were higher intraday, with the two-year rate up 3.8 basis points at 4.25% and the 10-year rate rising 2.8 basis points to 4.63%.

In corporate news, 3M (MMM) raised its full-year earnings outlook as the industrial conglomerate reported second-quarter results above Wall Street's estimates. The stock was up 7.5% intraday, the biggest gain on the Dow.

General Motors (GM) lifted its full-year profit guidance as the automaker recorded an unexpected year-over-year increase in its second-quarter revenue. The stock rose 5.4%.

Danaher (DHR) slid 12%, the worst performer on the S&P 500. The medical equipment maker raised its full-year profit guidance as its fiscal second-quarter results came in stronger than expected, but it lowered the top end of its 2026 revenue growth outlook.

Gold advanced 1.6% to $4,079.80 per troy ounce, while silver climbed 3.6% to $59.12 per ounce.

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