Tech Stocks Hit New Highs As AI Momentum Builds: What's Moving Markets Tuesday?

The Nasdaq 100 surged to fresh record highs on Tuesday, breaking above the 23,000 mark as Nvidia Corp. (NASDAQ:NVDA) and other chipmakers powered a sharp rally. Investors cheered the news that Nvidia and Advanced Micro Devices Inc. (NASDAQ:AMD) would resume certain chip sales to China, even as they parsed quarterly results from major U.S. banks.

The iShares Semiconductor ETF (NYSE:SOXX) climbed 1.6% to a new all-time high, extending its rally to 67% since the April lows.

Meanwhile, the White House confirmed that trade negotiations are ongoing with the EU, Japan, and South Korea, following the imposition of steep tariffs on imports from all three regions—measures that could trigger price surges starting in August.

On the macro front, U.S. inflation accelerated for a second straight month. The headline consumer price index ...