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S&P 500 climbs as bank earnings, chip stocks rally on AI optimism
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U.S. markets saw meaningful gains driven by strong Q3 bank earnings and renewed strength in semiconductor names. The S&P 500 gained ~0.4%, Nasdaq rose ~0.66%, while chips rallied on AI spending optimism. Morgan Stanley and Bank of America posted beats, boosting financials broadly. ASML also reported robust order growth, lifting equipment names. The gains came despite lingering U.S.–China tensions, as markets are positioning ahead of expected rate cuts. Tech and financial sectors are leading sectors to watch this week.