Nasdaq 100 Surges 1%, S&P 500 Gains 0.5% as Semiconductor Stocks Rally

U.S. stock indices closed higher on May 12, with the Nasdaq-100 gaining 1% and the S&P 500 up 0.5%. The semiconductor sector led gains with a 2.5% jump, driven by Marvell Technology's 8% surge, Arm Holdings up 6.3%, and Palo Alto Networks climbing 5.9%. Telecom stocks rose 2.6% while utilities declined 1.2%.

On the downside, AppLovin fell 7.5%, SolarMax Energy fell 6.2%, and Thomson Reuters dropped 5.7%. Palantir declined 4.2%, while Micron Technology, Zscaler, and PDD Holdings each gained at least 4%. The banking sector index slipped 1.3%.