U.S. stock indexes turned positive on Tuesday after a mixed start to the week, with the Nasdaq 100 leading gains as chip shares rebounded ahead of Nvidia’s quarterly results. The Dow Jones Industrial Average rose 0.11% to 53,476 points, extending modest gains from Monday. The S&P 500 added 0.16% to 7,665, while the tech-focused Nasdaq 100 climbed 0.47% to 29,159.
The advance in tech shares followed a multi-day decline in the sector, with Nvidia’s stock rising 1.5% after recent losses. The company, widely seen as a bellwether for artificial intelligence demand, is expected to report strong results on Wednesday. Mark Malek, portfolio manager at Siebert Financial, noted that Nvidia’s business remains robust, driven by AI-related sales, and expressed confidence in a positive earnings surprise. He cautioned, however, that any disappointment could trigger a sharp pullback.
Chip stocks outperformed the broader market, with Marvell Technology leading gains in the Nasdaq 100 with a 6% rise. AMD and Arm Holdings also advanced, up 4.3% and 4.1%, respectively. The gains came as oil prices extended declines despite U.S. threats of further economic sanctions against Iran. A speech by U.S. Treasury Secretary Scott Bessent on Monday evening did not outline specific measures, leaving uncertainty over the scale of potential secondary sanctions targeting Iran’s key trading partners, particularly China.
In contrast, shares of Dick’s Sporting Goods plummeted 27% after the retailer slashed its outlook, citing weak performance at the recently acquired Foot Locker chain. The decline weighed on Nike, which fell 2.8% as the Dow’s weakest performer.
