[New York Stock Exchange] Three Major Indices Rise... Tech Stocks Rebound as Bitcoin Recovers

AI and Semiconductor-Themed Stocks Lead the Rally
Resumption of Upward Momentum

The three major indices on the New York Stock Exchange closed higher. As bargain hunting emerged in the cryptocurrency market and Bitcoin rebounded, risk appetite recovered, particularly among technology stocks.

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On December 2 (local time), the Dow Jones Industrial Average, which focuses on blue-chip stocks, ended the session at 47,474.46, up 185.13 points (0.39%) from the previous trading day. The S&P 500 Index, which tracks large-cap stocks, rose 16.74 points (0.25%) to close at 6,829.37, while the tech-heavy Nasdaq Index gained 137.75 points (0.59%) to finish at 23,413.67.

By sector, all sectors declined except for industrials, communication services, and technology. The energy sector fell by 1.28%. The Philadelphia Semiconductor Index rose by 1.84%.

By individual stock, artificial intelligence (AI) and semiconductor themes led the movement. Among major technology companies with a market capitalization of over 1 trillion dollars, Broadcom rose by 1.19%, while Tesla was nearly flat. Boeing surged 10% after the company’s Chief Financial Officer projected that it could generate cash starting in 2026. Warner Bros. Discovery climbed more than 2% after receiving acquisition proposals from multiple bidders, including Netflix.

Amazon unveiled its latest AI chip, “Trainium 3.” This custom application-specific integrated circuit (ASIC), designed by Amazon, is expected to be rapidly deployed in Amazon’s data centers starting in early 2026. After Amazon introduced its latest AI chip, most major AI-related companies gave up much of their intraday gains, suggesting that intensified competition in the AI chip market was reflected in share prices.

Intel jumped 8.66% on the day, buoyed by expectations that it could begin producing Apple’s entry-level “M series” semiconductors starting in 2027.

Doug Beese, Global Equity Strategist at Wells Fargo Investment, stated, “The market is moving beyond the uncertainty surrounding Fed policy and this month’s Federal Open Market Committee (FOMC) meeting, and is now looking past the recession phase toward accelerated growth in the latter half of 2026.” He added, “Seasonal factors also favor equities in December.”

According to the CME FedWatch Tool, the federal funds futures market is pricing in an 89.1% probability of a 25 basis point (1bp=0.01 percentage point) rate cut in December. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) fell 0.65 points (3.77%) from the previous session to 16.59.