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More gains for makers of computer chips and other winners of the artificial-intelligence boom carried Wall Street higher.<\/p>\n
The S&P 500 climbed 0.9 per cent. The Dow Jones added 385 points, or 0.7 per cent, and the Nasdaq composite rose 1.3 per cent.<\/p>\n
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AI stocks once again were at the centre of the action on Wall Street, and they rose for a second straight day after tumbling the week before.AP<\/p>\n
The Australian sharemarket is set to advance, with futures at 6.20am AEST pointing to a gain of 16 points or 0.2 per cent, at the open. The ASX closed flat<\/a> on Tuesday. The Australian dollar was trading at US69.99\u00a2.<\/p>\n AI stocks once again were at the centre of the action, and they rose for a second straight day after tumbling the week before.<\/p>\n Related Article After rocketing higher because of the boom in investment in AI chips and data centres, they\u2019ve come under pressure in recent weeks on worries that they shot too high. Concerns are also weighing that investment in AI may fall off if it doesn\u2019t produce as much profit and productivity as hoped.<\/p>\n Micron Technology jumped 12.2 per cent and added to its 1.9 per cent gain from the day before, coming off its 13.3 per cent drop from last week. Nvidia added 2 per cent, and they were the two strongest forces lifting the S&P 500.<\/p>\n The gains came despite more climbs for oil prices, and Brent crude oil briefly got near $US92 per barrel for the first time in more than five weeks because of continued attacks between the United States and Iran. It later pared its gain to 2 per cent and settled at $US91.01. That\u2019s up from less than $US72 early this month, which is roughly where it was before the war with Iran.<\/p>\n Rising oil prices are threatening a reacceleration of inflation, just as increases for prices were slowing more than economists expected. That in turn could push the Federal Reserve and other central banks to raise interest rates, which would slow economies and undercut prices for stocks and other investments.<\/p>\n The yield on the 10-year Treasury rose to 4.63 per cent from 4.60 per cent late Monday and from just 3.97 per cent before the war with Iran began.<\/p>\n On Wall Street, several stronger-than-expected profit reports from big U.S. companies helped stocks to strengthen despite the added pressure.<\/p>\n 3M climbed 7.3 per cent after topping analysts\u2019 expectations for both profit and revenue in the latest quarter. It also raised its forecast for profit over the full year of 2026.<\/p>\n Hasbro rallied 8.8 per cent after the toy maker said its Magic: The Gathering game topped $US500 million in revenue for a quarter for the first time. It also raised its revenue forecast for the year.<\/p>\n General Motors cruised 4.9 per cent higher after the automaker\u2019s profit and revenue for the latest quarter beat analysts\u2019 expectations and CEO Mary Barra said demand in North America remains strong.<\/p>\n They helped offset a drop for Danaher, which slid 11 per cent even though it likewise topped analysts\u2019 expectations for profit and revenue. Analysts pointed to its forecast for an underlying measure of revenue growth for the summer, which was weaker than Wall Street expected.<\/p>\n Alphabet slid 1.5 per cent after Google released a trio of cheaper versions of its Gemini AI model, but shared no timing updates for the flagship Pro model that has already seen its launch delayed by several weeks.<\/p>\n Related Article The new model lineup includes Gemini 3.6 Flash and Gemini 3.5 Flash-Lite, updated versions of its lightweight offerings, designed for use cases that do not require the most cutting-edge technology. Google also unveiled a new lightweight variant, Gemini 3.5 Flash Cyber, which is tailored towards cybersecurity applications.<\/p>\n Homebuilder D.R. Horton slipped 0.9 per cent despite topping profit and revenue expectations for the latest quarter. Executive Chairman David Auld said it\u2019s still feeling the effects of affordability concerns in the housing market and caution among potential homebuyers.<\/p>\n Mortgage rates have already climbed to their highest level in nearly a year because of higher Treasury yields in the bond market. That could force D.R. Horton to offer more incentives to homebuyers in the current quarter, which would cut into its profits.<\/p>\n Companies broadly are under pressure to deliver strong growth in profit and revenue because of how high their stock prices have shot. Indexes are near their records, even with the recent shakiness for AI stocks.<\/p>\n All told, the S&P 500 rose 65.92 points to 7,509.20. The Dow Jones gained 385.38 to 52,224.64, and the Nasdaq composite climbed 329.13 to 25,837.21.<\/p>\n In stock markets abroad, indexes rose modestly in Europe. The United Kingdom\u2019s FTSE 100 added 0.6 per cent as new Prime Minister Andy Burnham hosted his first Cabinet meeting.<\/p>\n In Asia, stocks swung more. South Korea\u2019s Kospi jumped 3.6 per cent on strong gains for its two dominant stocks. Both Samsung Electronics and SK Hynix have been big beneficiaries of the AI boom, and the Kospi has soared 60 per cent so far this year even with its 20 per cent drop through July.<\/p>\n Tokyo\u2019s Nikkei 225 climbed 3.3 per cent after returning from Monday\u2019s holiday, while indexes rose 1.8 per cent in Shanghai and edged down by less than 0.1 per cent in Hong Kong<\/p>\n AP, Reuters<\/p>\n The Market Recap newsletter is a wrap of the day\u2019s trading. 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