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Stocks climb on US-Iran peace deal; semiconductors rally |
The S&P 500, Nasdaq 100, and Russell 2000 rose after President Trump and Iranian President Pezeshkian signed a memorandum of understanding aimed at ending the war.
Information technology was the best-performing sector, followed by consumer discretionary as airlines and cruise lines surged on the prospect of cheaper fuel costs, while energy was today’s worst performer. Stocks that moved higher: |
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Intel surged after Trump announced the company struck a deal with Apple to design and make chips in the US, while Apple also climbed on the news.
- Marvell Technology surged as KeyBanc boosted its price target to $385 from $260.
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Tower Semiconductor jumped after saying it shipped over 5 million coherent photonic integrated circuits as part of its partnership with Marvell.
- Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and Frontier surged as falling oil prices cut one of the biggest costs for airlines.
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Royal Caribbean, Norwegian Cruise Line, and Carnival surged alongside airlines as cheaper fuel boosted the entire travel sector.
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Micron, Western Digital, and Sandisk climbed after outgoing Apple CEO Tim Cook said price hikes are “unavoidable” due to a memory supply shortage.
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Energy Fuels spiked after receiving a $725 million conditional loan commitment from the Department of Defense for rare earths processing.
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Butterfly Network jumped on a medical imaging partnership with Midjourney.
- NuScale jumped after peer Oklo struck an enriched uranium deal with Centrus Energy.
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Amazon climbed after its AI chief said the company is in talks to sell its custom Trainium AI chips to other customers.
- D-Wave Quantum rose after announcing the release of an “error aware” quantum computing simulator.
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- Accenture posted its biggest one-day loss on record after unveiling disappointing Q4 sales guidance along with its ho-hum Q3 results.
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Exxon, Chevron, ConocoPhillips, Occidental Petroleum, Devon Energy, Phillips 66, and CF Industries fell as oil prices dropped on the US-Iran peace deal and the reopening of the Strait of Hormuz.
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