By Chelsey Dulaney and David Uberti
Chip stocks are riding high again, helping offset investor jitters over the incoming Trump administration's policies.
Buzz from an industry conference in Las Vegas, where Nvidia's Jensen Huang touted inroads in AI, self-driving cars and robotics, boosted U.S. chip stocks and helped power some big gains in Asia. Shares of memory-chip maker Micron and Uber, which said it was working with Nvidia on self-driving technology, climbed.
Elsewhere, 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 indexes edged 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.
Oil prices resumed their climb. Benchmark U.S. crude futures have risen by more than 10% over the past month.
Overseas stocks were mostly higher. Indexes largely gained in Europe, and chip stocks boosted Japan's Nikkei 225. But Tencent's slide weighed Hong Kong's Hang Seng.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com and David Uberti at david.uberti@wsj.com
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(END) Dow Jones Newswires
January 07, 2025 09:42 ET (14:42 GMT)
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