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Chipmakers Rally and Push Up Stock Market Indexes Back Into Positive Territory

Chipmakers Rally and Push Up Stock Market Indexes Back Into Positive Territory

Published: by Omor IE

Key Points

  • Stocks are up after the JOLTS report showed the labor market is still strong.

  • Chipmakers are spearheading the stock market today.

  • There have been several other gainers and losers deeper in the market.

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The stock market was flat this morning, but has been gaining more strength as certain tech stocks and energy stocks have gained significantly. The S&P 500 Information Technology sector is up almost 1.2%, whereas the S&P 500 Energy sector is up 0.9%. Both have offset the weakness in other sectors today.

The gains were lukewarm as the OECD warned about slowing growth due to tariffs and trade uncertainty. However, the JOLTS report showed that the labor market has remained strong. The sentiment has since been much more positive, with chipmakers posting solid gains.

Here’s a market update as of 11:30 AM (ET) today.

  • The S&P 500 is up 22.36 points, or 0.39%.
  • The Nasdaq Composite is up 136.12 points, or 0.7%.
  • The Dow Jones Industrial Average is up 104.61 points, or 0.25%.

Tech Stocks Drive Gains

  • Broadcom (NASDAQ: AVGO) is up 3.27%.
  • Nvidia (NASDAQ: NVDA) is up 3.22%.
  • Tesla (NASDAQ: TSLA) is up 2.22%.
  • Qualcomm (NASDAQ: QCOM) is up 1.8%.
  • AMD (NASDAQ: AMD) is up 1.6%.

Other tech and chip stocks have also posted solid gains. Hyperscalers in the Magnificent Seven and Palantir (NASDAQ: PLTR) are yet to post solid gains and are still in negative or benign territory.

Notable Gainers Today

  • Credo Technology (NASDAQ: CRDO) is up 25%. The company posted solid earnings and trounced estimates by tripling its sales to $170 million. It also seems to be winning lots of business from hyperscalers, as three of them constitute over 10% of this company’s revenue. Analysts believe it can win more business as hyperscalers expand AI CapEx.
  • MoonLake Immunotherapeutics (NASDAQ: MLTX) is up 19.2% due to rumors of a $3 billion-plus takeover from Merck (NYSE: MRK). Merck reportedly held talks to buy the company.
  • CoreWeave (NASDAQ: CRWV) is up 17.5% after the company signed a $7 billion deal with Applied Digital (NASDAQ: APLD).
  • Sunrun (NASDAQ: RUN) is up 15.6%. Solar stocks have been recovering, and they have also been boosted by Elon Musk saying that solar will be “100% of energy long-term”.
  • Ferguson Enterprises (NYSE: FERG) is up 14.5% after posting solid results. It posted $2.5 in EPS and $7.62 billion in revenue, up 4%. Analysts expected $2.05 in EPS and $7.41 billion in revenue.

Notable Losers Today

  • Pony AI (NASDAQ: PONY) is down 17.8% due to trade tensions getting hotter with China and an overdue cool-off from a 410%-plus rally from its trough.
  • United Natural Foods (NYSE: UNFI) is down 9.2%.
  • Stride (NYSE: LRN) is down 8.8% after Gallup-McKinley County Schools cut ties with the company and alleged profit-driven practices.
  • Ads-Tec Energy (NASDAQ: ADSE) is down 8.6%.
  • Xeris Biopharma (NASDAQ: XERS) is down 7.5% as investors don’t seem too excited by its analyst and investor day event.

The image featured at the top of this post is ©MF3d / Getty Images.

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