Here is the latest from the New York stock market.
The three major U.S. stock indices have successfully rebounded after four consecutive days of losses.
The Nasdaq rose by more than 1%, and the S&P 500 reclaimed the 7,500 level.
Technology and materials sectors climbed by over 2%, while the energy sector also rose by more than 1%, leading a broad market recovery.
Despite headwinds from geopolitical risks in the Middle East and rising oil prices, the New York stock market rebounded today as strong buying interest flowed into AI semiconductor stocks.
Oil prices continued to climb, with Brent crude rising by over 2% to $91.01 per barrel and West Texas Intermediate (WTI) reaching $84.91 per barrel, fueled by the armed conflict between the U.S. and Iran and threats of a Red Sea blockade by Houthi rebels.
However, the market's focus remained on the big tech earnings reports that are set to intensify this week.
Ahead of Alphabet's earnings release, expectations for continued investment in AI infrastructure grew, prompting capital to quickly return to semiconductor stocks that had previously plummeted due to valuation concerns.
Among individual stocks, Micron surged by over 12%, Marvell Technology gained 6%, and Nvidia, which announced the supply of a next-generation platform, rose by nearly 2%.
Overall, the Philadelphia Semiconductor Index also jumped by more than 5%.
Strong individual corporate earnings also drove the indices higher.
Industrial company 3M surged by over 7% following an earnings surprise, and General Motors also rose by nearly 5% as both its revenue and net profit exceeded market expectations.
The earnings reports from Alphabet, Tesla, and IBM, which will be released early tomorrow morning Korean time, are expected to be the key variables determining whether the AI rally will continue.
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