24.06.202615:09:37UTC+00US Stocks Gain Ground, Dow Rises to Record

US equities advanced on Wednesday, rebounding from the recent selloff in chip stocks amid signs of improving broader credit conditions. The Nasdaq 100 and S&P 500 each rose nearly 1%, while the Dow Jones Industrial Average climbed 400 points to a new record high.

Micron traded flat ahead of its earnings release after the close, following a 13% drop in the prior session on renewed concerns that AI-related capital expenditure may have become excessive and is poised to slow. The broader semiconductor and memory segment stabilized, with Nvidia, Intel, and Broadcom each gaining as much as 2%.

AI-related fundraising activity remained elevated. SK Hynix is reportedly seeking to raise $29 billion through a US listing, coming on the heels of the record-setting SpaceX IPO. Support for the broader market also came from a decline in yields across the Treasury curve, as expectations of resumed energy exports from the Middle East helped ease inflation concerns.

The Dow outperformed the major indices, benefiting from its heavier weighting in traditional sectors of the economy—a composition that will shift on Monday when Alphabet replaces Verizon in the index.