Market
October 2, U.S. stocks closed modestly higher after a tech-led afternoon rebound. The Dow Jones Industrial Average added 0.04%, the S&P 500 advanced 0.19%, and the Nasdaq Composite also rose 0.04%. A renewed bid for semiconductor and AI names offset worries over higher-for-longer interest rates, helping the broad market eke out gains despite mixed economic data.
Chip and IT services shares led the action. Accenture (ACN) surged 15.78% after upbeat earnings and guidance, while Coherent (COHR) rallied 10.90% on strong laser demand. Lumentum (LITE) climbed 7.67% following a bullish outlook for optical components, SK hynix (SKHY) gained 5.08% on memory-chip optimism, and Micron Technology (MU) rose 3.03% after a positive analyst day. NVIDIA (NVDA) edged up 1.09%, extending its AI leadership. On the downside, Broadcom (AVGO) fell 2.15% amid regulatory headlines, and Alphabet’s Class C shares (GOOG) slipped 1.71% as its antitrust trial continued.
Chinese ADRs lagged, while leverage ETFs were active. PDD Holdings (PDD) fell 1.85%, Li Auto (LI) declined 2.11%, JD.com (JD) eased 0.86%, and Alibaba (BABA) slipped 0.08%; Taiwan Semiconductor (TSM) bucked the trend, edging up 0.66%. Among ETFs, the Direxion Daily Semiconductors Bull 3× (SOXL) advanced 3.94%, while its Bear 3× counterpart (SOXS) fell 3.99%, showing traders’ appetite for chip volatility.
News
Accenture reported stronger-than-expected results and boosted its annual outlook. Management cited resilient digital-transformation demand, prompting the stock to surge.
Micron Technology raised its revenue forecast and highlighted AI-memory tailwinds. The announcement fueled a rally across memory names.
Coherent launched a high-power laser platform aimed at AI data centers. Analysts said the move could widen its addressable market.
Lumentum announced a $500 million deal to buy a specialty optics supplier. Investors cheered the expansion into higher-margin products.
SK hynix said it will invest $3 billion to expand HBM production capacity. The plan underscores booming demand for AI accelerators.
Alphabet faced fresh questioning in its ongoing antitrust trial. Legal headwinds weighed on investor sentiment.
Broadcom secured conditional EU approval for its VMware acquisition. The green light removes a key regulatory hurdle.
Federal Reserve officials reiterated that policy is likely to stay restrictive. The comments kept Treasury yields near cycle highs.
The ISM manufacturing index showed a surprise uptick in new orders. The data signaled tentative stabilization in factory activity.
The SEC postponed a decision on several spot Bitcoin ETF applications. Crypto-linked stocks pared early gains after the delay.