dpTraders work on the floor of the New York Stock Exchange during morning trading on Oct. 14, 2026 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 rose on Tuesday as enthusiasm surrounding chipmakers led traders to move into the names for another day. Investors also monitored a slide in oil prices and parsed through a slew of corporate earnings as the Federal Reserve began its two-day policy meeting.
The broad market index was up 0.6% to end at 7,722.60, while the Dow Jones Industrial Average added 15.99 points, or 0.03%, to close at 52,377.57. The Nasdaq Composite gained 1.18% to settle at 26,477.81.
Shares of Broadcom climbed 4% on the heels of a coalition of banks — namely, Bank of America, Citi and Morgan Stanley — and Blackstone announcing $63 billion in financing for the purchase of Broadcom’s technology for Anthropic. Other chipmakers rose in sympathy. Micron Technology was up almost 3%, while Advanced Micro Devices gained 5%.
The latest moves in those stocks add to their gains from the prior trading day, which saw the major averages record a winning session, thanks in part to a boost in artificial intelligence-related stocks after Anthropic filed to go public at the Nasdaq. This would mark another major tech IPO for 2026, following SpaceX’s blockbuster listing in June.
“The market has these kind of periodic interludes where it gets concerned about AI spending, and then we tend to go back and tech leads us higher,” said Jed Ellerbroek, Argent Capital Management portfolio manager. “The light switch has been off for the last two weeks, and it looks like the first two days this week, the switch has been flipped up again.”
Despite those recent concerns, Ellerbroek still sees “great” conviction from companies that own data centers to continue to grow. “The potential crack in the foundation remains just how volatile capital markets can be,” he added.
A decline in oil prices also supported sentiment Tuesday. The moves came after Iranian Supreme Leader Mojtaba Khamenei and his top national security official Mohsen Rezaei discussed the country’s conditions for ending the conflict. U.S. West Texas Intermediate futures settled down 1.83% to $99.90 per barrel, while global benchmark Brent crude futures shed 1.67% to close at $113.88 a barrel.
Meanwhile, JetBlue jumped 19% despite the airline posting a larger-than-expected third-quarter loss, as the company said it expects to see further margin expansion in the fourth quarter. UPS shares added more than 5% after the delivery giant reported better-than-expected results for the third quarter.
The Fed is set to deliver its rate policy decision on Wednesday afternoon. While the central bank is expected to keep rates unchanged, traders will look for clues on whether another rate hike will take place before year-end.
“This feels like a rare Fed meeting non-event under Warsh. It feels like his communication strategy is going to result in fewer of these no-surprise meetings, but it it does look like we’re going to get one here, mostly because the midterm election is next week,” Ellerbroek also said. “I assume that next meeting in December is going to be another kind of live wire.”
