U.S. stocks moved higher as investors reacted to signs of progress toward a potential U.S. and Iran agreement, alongside another strong session for AI related stocks.
Oil moved sharply lower as geopolitical risk premiums eased. WTI crude futures fell around 6.5% to the low US$90s per barrel, while Brent crude dropped about 7% to around US$101 per barrel.
The Dow rose about 600 points, while the S&P 500 (+1.45%) and the Nasdaq 100 (+2.01%) closed at record highs.
AMD was one of the standout movers (+18.6%). The company pointed to strong demand for data centre chips, with its data centre segment rising 57% in the first quarter to US$5.8 billion. Super Micro Computer also joined the rally, gaining 24.5% as investors focused on its AI server demand outlook.
Elsewhere, GameStop rebounded (+3.4%) from a ~10% fall on Monday even as reports that Michael Burry reportedly sold his entire stake following the company’s unsolicited bid for eBay.
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