US stocks rose on Tuesday, led by semiconductor stocks, as investors looked through the latest developments in the Iran conflict and shifted their focus to a solid start to the US earnings season. Industrial giant 3M jumped more than 7% after delivering a stronger-than-expected second-quarter result, while General Motors gained nearly 5% after beating earnings and revenue forecasts. The reporting season has begun strongly, with almost 88% of the 66 S&P 500 companies that have reported so far beating earnings expectations. Attention now turns to results from Alphabet, IBM and Tesla later this week.
Chipmakers, and in particular NVIDIA (+2%), led the NASDAQ higher after being a headwind over recent weeks. The semiconductor sector enjoyed a broad-based rally overnight. Intel led the gains, surging +10.9%, followed by AMD (+9.8%), Arm Holdings (+8.4%), TSMC’s ADR (+6.6%) and Broadcom (+4.2%). Qualcomm lagged the group but still finished +1.0% higher.
- We can see the chipmakers helping the Nasdaq post new highs in the coming months, above 31,000 or ~8% higher.
MM is bullish towards the NASDAQ 100 in the 29,000 area
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