US Stocks Close Higher: Chip Stocks Boost Intel Over 10%, TSMC ADR Rises Nearly 7%

U.S. stock markets experienced an upward trend on Thursday, largely propelled by a surge in chip-related stocks and a moderation of inflation worries. The positive sentiment was further bolstered by the recent peace agreement between the United States and Iran.

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On Thursday, US stocks rose, driven by chip stocks, and inflation concerns eased after the US and Iran signed a peace agreement.

The technology sector, particularly semiconductor companies, was a major driver of the market's advance. Intel's stock price soared by over 10% following the announcement of a new collaboration with Apple for chip manufacturing. This news boosted other chipmakers, with Nvidia and AMD also recording notable gains. Taiwan Semiconductor Manufacturing Company's (TSMC) American depositary receipts (ADRs) climbed nearly 7%.

The broader market indices reflected this positive momentum. The Nasdaq Composite and the S&P 500 both closed higher, with the Nasdaq showing a significant 1.91% increase. The Philadelphia Semiconductor Index, a key indicator for the sector, posted an impressive gain of 6.42%.

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Intel will cooperate with Apple to produce chips, and its stock price rose by 10.64%, driving chip stocks higher.

Other market movements included a continued decline for SpaceX, which had recently set a global IPO fundraising record. The stock fell an additional 3.56% on Thursday. The day also marked "triple witching," the quarterly expiration of stock, index options, and futures contracts, which often leads to increased trading volume and volatility. Markets will be closed on Friday for Juneteenth.

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Taiwan Semiconductor ADR rose by $29.97, or 6.94%, to close at $462.12.