US stocks close higher; NASDAQ climbs 1.5% as Nvidia, Intel power tech rally

US stocks settled in positive territory on Tuesday due to gains in the technology sector and easing inflation risks.

The Dow Jones Industrial Average ended 0.26% higher at 52,319.20. The tech-heavy NASDAQ closed at 26,213.72, up 1.52%, due to a rise in chip stocks.

Shares of Nvidia advanced 2.52%, Advanced Micro Devices rallied 7.60%, Intel 5.91% and the VanEck Semiconductor ETF surged 3.78%.

The S&P 500 concluded 0.79% higher at 7,499.36.

Year to date, Dow Jones has jumped 8.46%, marking its best performance since 2021. The S&P 500 gained 9.36% YTD, while NASDAQ rose 12.73%.

The start of the year witnessed volatility due to soaring energy prices amid Iran war and concerns over AI spending. However, in the second quarter of CY26, fears related to AI trade eased, and the war headed towards a resolution.

Meanwhile, General Mills will announce its earnings for the quarter ending May 31, 2026, on July 1. FactSet Research Systems, MSC Industrial Direct Company and Unifirst Corporation will also release their latest earnings.

Asian stocks

Asian shares traded mixed on Wednesday.

Tokyo's Nikkei 225 gained 0.23% to 70,220. South Korea's Kospi index was down 3.71% to 8,162.

Singapore's Straits Times Index was trading flat with positive bias at 5,173.73, up 0.06%.

Brent crude, the international standard, rose 0.27% to $73.15 a barrel. West Texas Intermediate was up 0.35% to $69.76 per barrel.

On June 29, US President Donald Trump had urged gasoline retailers to cut prices immediately, stating that oil prices are heading south.

"The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline," he said.