AI Chips Power Wall Street Higher, Dow Eyes Records: Stock Market Today

U.S. stocks pushed higher into the last session of the first half, with technology and semiconductor names extending Monday’s surge. • AeroVironment stock is charging ahead with explosive momentum.

What’s fueling AVAV momentum? The tech-heavy Nasdaq 100 climbed 1.4%, well ahead of the S&P 500, which advanced 0.7% to build on Monday’s close of 7,440.43.

The CBOE Volatility Index slid 5.2%, signaling a calmer tone as the war premium continued to fade.

The Dow Jones Industrial Average added 0.3%, holding above 52,300 points and nearing record highs at 52,661.

Gold edged up 0.3% to hold near $4,015 an ounce, with the SPDR Gold Shares (NYSE: GLD ) firm as Treasury yields stayed range-bound.

The Technology Select Sector SPDR Fund (NYSE: XLK ) led all 11 S&P 500 sectors with a 2.2% advance, powered by another leg higher in semiconductors.

The VanEck Semiconductor ETF (NASDAQ: SMH ) rallied as AI-equipment and connectivity names ran hot, up 3.5%.

The laggards were defensive and rate-sensitive groups.

The Real Estate Select Sector SPDR Fund (NYSE: XLRE ) fell 1.2%, the weakest sector, while the Health Care Select Sector SPDR Fund (NYSE: XLV ) and consumer staples each slid about 1.0% Tuesday’s Performance In Major U.S.

Indices Index Last % Change S&P 500 7,492 +0.7% Dow Jones 52,340 +0.3% Nasdaq 100 24,720 +1.4% Russell 2000 2,345 +0.4% Updated by 12:30 PM ET.

According to the Pro platform: The Vanguard S&P 500 ETF (NYSE: VOO ) gained 0.7%.

The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) rose 0.3%.

The Invesco QQQ Trust (NASDAQ: QQQ ) climbed 1.4%.

The iShares Russell 2000 ETF (NYSE: IWM ) advanced 0.4%.

Tuesday’s Stock Movers Defense-technology leader AeroVironment Inc. (NASDAQ: AVAV ) soared about 16% — the session’s standout gainer — after a blowout fiscal fourth quarter reported Monday evening.

The drone maker posted revenue of $642 million, up 133% year-over-year and well ahead of the $559 million consensus, with adjusted EPS of $1.84, trouncing the $1.46 estimate, as full-year bookings hit $2.7 billion.

The semiconductor strength ran deep.

Credo Technology Group Holding Ltd (NASDAQ: CRDO ) jumped about 9%.

Chip-inspection specialist Onto Innovation Inc. (NYSE: ONTO ) climbed roughly 9% on continued demand for its Dragonfly G5 metrology system and its new Rigaku partnership, while AI-interconnect peer Astera Labs Inc. (NASDAQ: ALAB ) added about 6.69%.

Equipment maker Applied Materials Inc. (NASDAQ: AMAT ) rose 4.8%, extending a massive June rally after last week’s launch of new AI chipmaking systems and a wave of price-target hikes.

AMAT shares have rallied over 60% in June, notching their best monthly gain since 1975.

Outside chips, industrial-gas giant Air Products and Chemicals Inc. (NYSE: APD ) climbed 9% on a cluster of analyst upgrades, with Wells Fargo moving the stock to Overweight at a $325 target and Mizuho lifting its target to $330.

Crypto-linked names lagged as Bitcoin (CRYPTO: BTC) fell 3.2% to $58,000.

Bitcoin proxy Strategy (NASDAQ: MSTR ) dropped about 7%, pressured both by the slide in Bitcoin and its newly authorized framework allowing it to sell Bitcoin to fund obligations.

Shares of peer Circle Internet Group Inc. (NASDAQ: CRCL ) tumbled 13.5% after Visa Inc. (NYSE: V ), Stripe, Mastercard Inc. (NYSE: MA ) and Coinbase Global Inc. (NASDAQ: COIN ) announced Tuesday that they had joined a consortium to launch a new stablecoin, Open USD.

Traders are now bracing for fiscal fourth-quarter results from Nike Inc. (NYSE: NKE ) after Tuesday’s close, with the stock down roughly 35% this year.

Tuesday’s Russell 1000 Top Gainers Name % change AeroVironment Inc. +15.6% Figure Technology Solutions Inc. (NASDAQ: FIGR ) +12% Credo Technology Group Holding Ltd +11.9% UWM Holdings Corp. (NYSE: UWMC ) +9.3% Onto Innovation Inc. +8.9% Tuesday’s Russell 1000 Top Losers Name % change Circle Internet Group Inc. -13.5% Globus Medical Inc. (NYSE: GMED ) -7.6% Zimmer Biomet Holdings Inc. (NYSE: ZBH ) -7.5% Strategy -7.3% Figma Inc. (NYSE: FIG ) -5.6%