| | | Semiconductor stocks close higher following Bessent comments on China tariffs
Apr. 22, 2025 4:35 PM ET
By: Brandon Evans, SA News Editor
Virtually all semiconductor stocks closed higher on Tuesday after it was revealed that U.S. Treasury Secretary Scott Bessent told a closed-door investor summit he expects the tariff turmoil with China will de-escalate as the situation is unsustainable.
Nvidia (NASDAQ: NVDA) and Broadcom (NASDAQ: AVGO) shares both climbed 2%, Arm Holdings (NASDAQ: ARM) gained 3.8% and Micron Technology (NASDAQ: MU) jumped 5.3%. Marvell Technology (NASDAQ: MRVL) moved up 2.4%. Intel (NASDAQ: INTC) increased by 3.6%.
Qualcomm (NASDAQ: QCOM) and Analog Devices (NASDAQ: ADI) both edged up 1.8% by the closing bell, while ON Semiconductor (NASDAQ: ON) increased by 1.9%. Advanced Micro Devices (NASDAQ: AMD) inched up 0.8%. Credo Technology Group (NASDAQ: CRDO) made one of the biggest moves in the sector today, increasing 6.3%.
The Philadelphia Semiconductor Index ( SOX) added 2.1% by the time markets closed.
The conference, hosted by JPMorgan Chase in Washington, D.C., wasn't open to the media or the public.
Later in the day, White House press secretary Karoline Leavitt echoed the sentiment made by Bessent at the investor conference, indicating a potential trade deal with China is getting closer.
"The president and the administration are setting the stage for a deal with China," she said to reporters. "Everyone involved wants to see a trade deal happen, and the ball is moving in the right direction."
The U.S. has ratcheted up tariffs on Chinese goods to 145%. China has responded with 125% tariffs on U.S. products. |
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