By Chelsey Dulaney

Chip stocks are riding high again, helping offset investor jitters elsewhere.

Chip and electronics stocks rallied in Japan, helped by buzz from the industry's CES conference in Las Vegas. Tokyo Electron shares gained 11%. On Monday evening, Nvidia Chief Executive Jensen Huang touted his company's inroads in AI, self-driving cars and robotics.

Shares of WeChat owner Tencent and Tesla battery supplier CATL fell after the Pentagon labeled those firms, and others, as "Chinese military companies." Tencent and CATL both denied any connections with China's military.

In recent trading:

--U.S. stock futures crept higher. On Monday, the Nasdaq Composite and S&P 500 rose, while the Dow industrials edged lower.

--Treasury yields continued to rise. The 30-year yield ticked up, after settling Monday at its highest level in over a year.

--The euro strengthened. Data out Tuesday showed eurozone inflation accelerated in December.

--The Canadian dollar extended gains following reports that former central banker Mark Carney might join the race to replace Prime Minister Justin Trudeau.

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(END) Dow Jones Newswires

January 07, 2025 06:12 ET (11:12 GMT)

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