Stock market today: Nasdaq leads Dow, S&P 500 futures higher as chip stocks revive
US markets opened higher on Tuesday as semiconductor stocks staged a recovery. The Nasdaq Composite led the gains with a 1 percent increase. The Dow Jones Industrial Average rose 0.5 percent while the S&P 500 added 0.6 percent. Investors appear to be looking past recent geopolitical tensions and trade policy shifts to focus on the current wave of tech earnings reports.
Chipmakers are once again at the center of investor attention. Shares of Nvidia climbed following news of a stake in neocloud provider Nebius. Taiwan Semiconductor also signaled potential price increases of up to 10 percent to address rising manufacturing costs. This rally comes as major tech companies prepare to share their latest financial results later this week, with the market closely monitoring corporate spending on artificial intelligence infrastructure.
Beyond the tech sector, General Motors reported second-quarter earnings that surpassed expectations. The automaker raised its full-year guidance as demand in North America remains steady for trucks and SUVs. Meanwhile, the legal conflict between pharmaceutical rivals Novo Nordisk and Eli Lilly continues as Novo filed a lawsuit regarding marketing practices for GLP-1 weight-loss drugs.
Oil prices remain a focal point for the markets. Brent crude prices traded above 91 dollars per barrel as regional conflict persists and reports emerge regarding threats to shipping in the Red Sea. While the US continues airstrikes in the Middle East, the markets seem to be balancing these geopolitical risks against positive corporate financial performance.
New trade policy developments also remain on the radar. President Trump announced a 50 percent tariff on a broad range of Canadian goods including autos and dairy products in response to alleged trade discrimination. These tariffs are expected to take effect within 30 days. Investors are now watching to see how these trade measures affect broader market stability as the busy earnings season continues.