US stocks finished higher on Thursday, with the S&P 500 up 0.8%, the Nasdaq advancing 1.3%, and the Dow Jones gaining 139 points. Renewed strength in chipmakers helped counter lingering uncertainty about the economic outlook. Investor sentiment toward AI-linked stocks has been volatile recently amid concerns over stretched valuations, but was supported this session by strong demand for SK Hynix’s US share offering, which was more than seven times oversubscribed. Micron and SanDisk climbed 5.2% and 7.6%, respectively, while Applied Materials added 3.2%.
Meanwhile, oil prices and bond yields retreated as continued tanker traffic through the Strait of Hormuz—despite renewed US-Iran tensions—eased concerns over potential supply disruptions. This backdrop supported financial stocks, with Morgan Stanley, Goldman Sachs, and American Express all advancing. Meta gained 4% after announcing plans to begin production of its own AI chip by September.
