US Stocks Close Higher on Chip Rally | Closing Bell

Summary

Major US indices closed higher led by a semiconductor rally that lifted all 30 Philadelphia Semiconductor Index names over 5%. Oil prices rose with Brent above $91, while bond yields ticked up and the ten-year moved back above 4.60%. Super Micro issued a mixed business update after hours, initially popping on improved gross margins, and General Motors shares gained after raising its profit forecast.

• S&P 500, Nasdaq, Dow, and Russell 2000 all closed solidly higher, with semis driving gains.
• All 30 components of the Philadelphia Semiconductor Index rose more than 5% on the day.
• Oil rallied further with Brent crude back above $91 a barrel.
• Treasury yields rose for a fourth straight session, with the two-year yield up about 13 basis points over that stretch.
• Super Micro shares jumped after hours following a business update showing gross margins well above prior guidance despite revenue at the low end.
• General Motors gained nearly 5% after raising its full-year profit forecast on stronger margins.
• Danaher fell 11%, its worst day since 1991, after issuing soft core revenue growth guidance.