The S&P 500 gained 0.36% to 7,568.92 on Tuesday, snapping a three-session losing streak as chipmakers and other AI-related stocks rebounded. The Nasdaq Composite climbed 0.83% to 25,372.01, while the Dow Jones Industrial Average fell 0.38%.
December S&P 500 futures traded as high as 7,612.00 and as low as 7,546.25. The contract finished at 7,611.75, just below the session high and more than 32 handles above the day’s midpoint of 7,579.13.
After the closing bell, Advanced Micro Devices reported third-quarter revenue of $13.38 billion, up 45% year over year, and adjusted earnings of $2.09 per share. The chipmaker forecast fourth-quarter revenue of approximately $17 billion, above the $16.23 billion analyst estimate, sending shares more than 6% higher in after-hours trading. Super Micro Computer also topped expectations, reporting fiscal first-quarter revenue of $19.95 billion and adjusted earnings of $1.81 per share. Its shares climbed about 8% after hours.
On Wednesday, market participants can look forward to ADP’s October private-sector employment report at 8:15 a.m. ET, followed by the September trade balance at 8:30 a.m. and the October ISM Services PMI at 10:00 a.m. Investors will also watch earnings from AppLovin, Qualcomm and Arm after the closing bell.
Among the largest components of the index, Broadcom Inc. (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer advanced by $9.90, or 3.07%, to close at $332.13. That performance was approximately 8.5 times the cash index’s 0.36% gain.
Conversely, the biggest loser was Walmart Inc. (NASDAQ: WMT). For the day, the retail giant declined by $2.83, or 2.22%, to close at $124.86.
