Wall Street gains as artificial intelligence stocks and General Motors report strong performance despite rising oil prices and Treasury yields.
Wall Street saw gains on Tuesday as technology shares rebounded, led by a surge in artificial intelligence (AI) stocks. The S&P 500 rose 0.6%, the Dow Jones Industrial Average climbed 0.4%, and the Nasdaq Composite advanced 1.0%. Chipmakers like Micron Technology and Advanced Micro Devices provided significant momentum, helping the market recover from recent concerns regarding high AI valuations. The gains occurred despite upward pressure from oil prices, which rose as Iran continued its military campaign against the United States. Brent crude topped $90 per barrel, potentially threatening a reacceleration of inflation. Meanwhile, Treasury yields climbed, pushing mortgage rates to their highest levels in nearly a year. On the corporate front, General Motors reported $1.3 billion in profits, beating analyst expectations and prompting a 1.9% rise in its shares. Other notable performers included 3M and Hasbro, both of which topped profit forecasts. These gains helped offset a decline in Danaher and a slight dip for D.R. Horton, which remains affected by housing affordability concerns.