US chipmakers surge on raised China deal hopes

Tuesday, 18. June 2019 17:22

Shares of American semiconductor manufacturers rallied on Tuesday after United States President Donald Trump raised hopes of the trade deal with China being reached with an announcement of a meeting with Chinese counterpart Xi Jinping at the G20 summit next week. Respective negotiating teams will begin talks prior to the meeting, he added. Investors are also anticipating the two day Federal Reserve meeting set to begin later in the day, although no policy changes are expected.

The Nasdaq 100 was up by 2.01% at 11:20 am ET, as Micron Technology Inc. led the gains, soaring upwards of 7%. NVidia followed climbing 6.63% as Lam Research Corp advanced 6.35%. Xilinx Inc. jumped 7%. Western Digital Corp. increased 6.65% at the same time, as Broadcom spiked 5.69%. AMD added 5.61% followed by Microchip Technology Inc's rise of 5.26%.

Meanwhile, big tech also posted gains, with Apple growing 2.95% at 11:21 am ET and Facebook climbing 1.29% after it launched its own cryptocurrency Libra. Microsoft and Intel also performed well, up by 1.50% and 3.75%, respectively.

The Dow Jones Industrial Average traded 1.42% in the green, increasing by 372 points at 11:24 am ET.

Related Links: Broadcom Inc.Western Digital Corp.Xilinx Inc.LAM Research Corp.Micron Technology Inc.NVIDIA Corporation
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Breaking the News / NI