US stocks moved higher on Tuesday as investors welcomed a rebound in tech and a pullback in surging oil prices, putting the focus back on interest rates and the state of the US economy. The Nasdaq Composite rose around 1.2% as tech megacaps recouped the previous session's losses. The benchmark S&P 500 stepped up around 0.7%, while the Dow Jones Industrial Average edged up roughly 0.2%.
Meanwhile, Nvidia built on a closing gain, rising another 4% on Tuesday, as the chip heavyweight's partner Hon Hai pointed to "crazy" AI demand. Investors also turned their attention to Fed policy with markets still grappling with busted hopes for jumbo interest rate cuts. New York Fed president John Williams told the Financial Times on Tuesday that Federal Reserve policy is "well positioned" to nail a "soft landing" for the economy.
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