The Dow Jones Industrial Average (DJI) rose 1%, or 537.24 points, closing at 52,747.32 points on Tuesday, while the S&P 500 increased by 0.2% to finish at 7,428.78 points. The tech-heavy Nasdaq fell 0.2% to 24,876.91 points, as investors moved away from chip stocks in favor of defensive assets due to declining energy prices and strong corporate earnings. A total of 17.2 billion shares were traded, slightly below the 20-session average of 17.4 billion.
Notable gainers included Boeing, which saw its shares jump 4.8% after reporting revenues of $24.56 billion, surpassing estimates, despite a wider-than-expected loss of $0.76 per share. Coca-Cola shares rose 5% after posting second-quarter earnings of $0.97 per share, beating consensus estimates. Conversely, semiconductor stocks faced declines, with the PHLX Semiconductor (SOX) dropping 4.5% as investors expressed concern over heavy investments in AI data centers by major companies.
The CBOE Volatility Index (VIX) decreased by 2.46% to 18.21, and consumer confidence fell sharply to 90.8 in July, down from an upwardly revised 92.2 previously and below the consensus estimate of 92.3.
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