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US stocks moved higher on Tuesday as semiconductor shares recovered from a sharp selloff. The NASDAQ Composite led the gains, while the S&P 500 and Dow Jones Industrial Average also advanced. Investors focused on company results and upcoming earnings from major technology firms.
Oil prices also rose after fresh fighting in the Middle East raised concerns about energy supplies. Brent crude traded above $90 a barrel, while West Texas Intermediate moved above $85. The market continued to balance earnings strength against geopolitical risks and new tariff concerns.
Advancing stocks outnumbered decliners on both the New York Stock Exchange and NASDAQ, though the NASDAQ also recorded more new lows than new highs during early Tuesday trading.
The NASDAQ gained about 0.8% in morning trading, supported by a rebound in semiconductor shares. The S&P 500 rose around 0.4%, while the Dow added roughly 0.2%. Technology stocks led the S&P 500 sectors as investors returned to several chip stocks after recent losses.
The Philadelphia Semiconductor Index climbed about 3.7% and extended its recovery for a second session. Micron Technology gained around 8%, while Intel rose more than 6%. Marvell Technology and Astera Labs also advanced. SanDisk and Western Digital posted gains as buyers moved back into memory-chip stocks.
Corporate results helped support the wider market. 3M shares jumped more than 9% after the company reported better-than-expected second-quarter earnings and raised its full-year profit forecast. General Motors gained about 3% after revenue and earnings exceeded Wall Street estimates.
The earnings season has started on firm ground. About 88% of the roughly 66 S&P 500 companies that had reported results beat profit estimates, according to FactSet data. Investors now await results from Alphabet, Tesla, IBM and Intel later in the week.
Bret Kenwell of eToro said, “The next two weeks will be a defining stretch for earnings, and not just for tech.” He added that companies missing Wall Street’s high expectations face stronger selling pressure than they did during the previous quarter.
Oil prices moved higher after new military action in Iran and attacks on US assets across the Middle East. Brent crude rose about 2% to above $91 a barrel. West Texas Intermediate also gained around 2% and traded above $85.
US Central Command carried out another night of strikes, while Iranian forces targeted American military assets in the region. Iran-aligned Houthi forces also announced a maritime embargo against Saudi Arabia, raising new concerns about shipping routes and regional energy flows.
Markets also tracked a reported proposal for a 10-day ceasefire between the United States and Iran. The diplomatic effort limited part of oil’s advance, but prices stayed elevated as traders watched for further attacks or signs of progress in mediation talks.
Investors also weighed new trade measures from the Trump administration. President Donald Trump announced a 50% tariff on a broad range of Canadian imports. The administration linked the decision to Canada’s treatment of American cars, dairy products and alcohol.
The Financial Times also reported that the White House could announce new tariffs on dozens of countries this week. The current 10% global tariff is set to expire on Friday. These trade developments added pressure to markets already dealing with war risks and high energy prices.
Not all stocks joined the rally. Danaher fell about 13% after cutting its annual core revenue growth forecast.
MSCI dropped around 11% after raising its full-year operating expense forecast. Adobe, Intuit, Workday and Salesforce also declined after Morgan Stanley reduced ratings or price targets on several software companies.
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