US Stock Market Close: S&P 500 and Nasdaq Rise for Three Consecutive Days, Tech Giants and Chip Stocks Strengthen Overall

On Tuesday (June 10), the three major US stock indices collectively rose, all closing at their highest levels in at least three months, with the S&P 500 and Nasdaq both recording a three-day winning streak.

By the close, the Dow Jones Industrial Average rose 0.25% to 42,866.87 points; the S&P 500 rose 0.55% to 6,038.81 points; and the Nasdaq Composite Index rose 0.63% to 19,714.99 points.

Traders are closely monitoring the progress of US-China negotiations. Previously, strong earnings reports from US publicly listed firms and a recent series of AI-related news had driven a rebound in tech stocks, boosting the overall US stock market.

Jay Woods, Chief Global Strategist at Freedom Capital Markets, said, "Technically, the stock market is performing well, breaking through key levels and getting back on track. At the beginning of the week, the index was slightly above the downtrend line and is now rebounding towards its year-to-date high."

Woods added, "This rebound looks similar to many tech stocks trying to return to their all-time highs. The good news is that even the weaker sectors seem to have found a soft landing spot, and from a risk/reward perspective, it's a good entry point now."

The US CPI report is scheduled to be released before the market opens on Wednesday, with expectations that inflation may rise slightly. A survey by 22V Research showed that 42% of investors believe the market's reaction to the CPI data will be "risk-on," the first time the market has leaned towards risk-taking since last August.

Mark Malek, Chief Investment Officer at Siebert Financial, said, "The US Fed is worried that the true inflationary effects have not yet materialized. Given the current complex tariff situation, we expect to see initial signs of tariff-driven inflation in goods such as cars, clothing, and food."

Performance of Popular Stocks

Most large-cap tech stocks rose, with Nvidia (by market cap) up 0.93%, reclaiming its position as the world's largest company by market cap; Microsoft down 0.39%, Apple up 0.61%, Amazon up 0.29%, Alphabet Class C up 1.34%, Meta up 1.2%, and Broadcom up 0.14%.

Tesla rose 5.67%, and after a sharp rebound over three consecutive days, its market cap returned to above $1 trillion.

Chip stocks generally strengthened, with the Philadelphia Semiconductor Index rising 2.06%. Among the 30 constituent stocks, only Marvell Technology (-0.43%) declined. Intel rose 7.81%, its largest single-day gain in two months, closing at $22.08, a level not seen since May 13.

Novo Nordisk rose 5.13%. According to media reports citing sources, activist hedge fund Parvus Asset Management is increasing its stake in Novo Nordisk. "Stablecoin first stock" Circle fell by 8.1%, after surging over 270% in the three days since its listing.

Among US-listed Chinese stocks, the Nasdaq Golden Dragon China Index rose by 0.3%.

The performance of popular US-listed Chinese stocks was mixed, with Legend Biotech up 8.22%, NIO up 5.83%, New Oriental up 2.6%, XPeng Motors up 1.59%, Pinduoduo up 0.76%, and Alibaba up 0.33%.

On the other hand, CHAGEE fell by 6.44%, Pony.ai fell by 5.29%, Li Auto fell by 3.57%, Baidu fell by 1.32%, Tencent Music fell by 0.92%, and JD.com fell by 0.44%.

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