Chip manufacturers led a broad market rally on Monday, pushing the Nasdaq Composite and the S&P 500 to record closing highs.
Intel shares surged 13 percent, marking one of the strongest single-day gains for the semiconductor giant in recent months. The jump came as investors cheered positive earnings reports and strong demand forecasts across the sector.
The rally in tech stocks helped offset weakness in energy markets. Oil prices slipped amid growing hopes for a de-escalation of tensions in the Middle East.
Brent crude fell by more than 1 percent, while West Texas Intermediate also recorded losses. Analysts attributed the decline to optimism surrounding potential diplomatic progress in the region.
The S&P 500 rose 0.4 percent, breaking its previous all-time high set earlier this month. The Nasdaq climbed 0.7 percent, driven by gains in chipmakers and other technology stocks.
Other major semiconductor companies, including Nvidia and Advanced Micro Devices, also posted gains. The broader Philadelphia Semiconductor Index advanced nearly 2 percent.
Treasury yields edged higher as investors shifted focus to upcoming economic data. The yield on the 10-year note rose to 4.18 percent.
Market participants now look ahead to key inflation reports and Federal Reserve commentary later this week. Strong earnings from chip makers have reinforced confidence in the technology sector’s growth trajectory.
