Chip stocks rallied in overnight trading. SK hynix rose 6%; Direxion Daily Semiconductors Bull 3x Shares rose 5%; Micron rose 3%; SanDisk, Intel, Marvell Technology, Arm, Lam Research, and AMD rose 2%; ASML and TSMC rose 1%.

Optical communications stocks also rose in overnight trading. AXT rose 5%; Applied Optoelectronics and Lumentum rose 4%; Coherent, Credo Technology, Ciena, and Photonics & Optics ETF rose 3%; Corning, Nokia, POET Technologies, and Fabrinet rose 2%.