Stock market today: Dow, S&P 500, Nasdaq rise as chip stocks rebound, oil prices fall

US stocks rose on Thursday as investors focused on AI prospects ahead of SK Hynix’s (000660.KS) US trading debut, setting aside jitters over a flare-up in US-Iran hostilities.

The tech-heavy Nasdaq Composite (^IXIC) climbed by 1.3%. Meanwhile, the S&P 500 (^GSPC) gained 0.8%, and the Dow Jones Industrial Average (^DJI) put on more than 0.2% after Wall Street stocks closed mixed on Wednesday.

Stocks rose as markets shrugged off US-Iran tensions that saw the two sides trade new attacks on Thursday, putting a fragile truce to the test. The fighting intensified as the US launched airstrikes on 90 Iranian targets, and Iran retaliated by striking targets in US-allied Middle East countries.

Oil prices fell on Thursday, erasing some of Wednesday’s gains as markets factored in the bumpy path to Middle East peace.

The focus remains on the AI trade ahead of SK Hynix’s highly anticipated Nasdaq debut on Friday. The South Korean memory giant is set to price its US offering on Thursday, with demand running at seven times the amount of shares available. The IPO comes as investors continue to assess the recent chip stock sell-off that shook confidence in an AI boom.

On the macro front, the weekly update on initial jobless claims showed little change from the week before, one more data point as investors evaluate the path ahead for interest rates. Meanwhile, Pepsi’s (PEP) results showed American consumers tightened their budgets due to economic worries, even as the drinks maker’s revenue topped expectations.