The US stock market continued its positive movement on Tuesday as technology stocks began to stabilize following a massive sell-off related to artificial intelligence (AI) last week.
The S&P 500 Software Services Index also managed to recover some of its losses for the second consecutive day.
The index had previously fallen for seven days due to concerns that AI could increase competition in the market.
Keith Lerner, Chief Investment Officer at Truist Advisory Services, said that technology stocks received additional support following statements from OpenAI CEO Sam Altman.
Altman also informed his staff that ChatGPT, the company's latest AI chatbot, had again recorded monthly growth of more than 10%.
In terms of major index movements, the S&P 500 rose 0.47% to 30.39 points, the Dow Jones jumped 0.03% to 17.12 points, while the Nasdaq Composite strengthened 0.88% to 202.99 points.
In other developments, the market is now awaiting the NFP employment data that will be released on Wednesday after being postponed earlier.
The report will be followed by the Consumer Price Index (CPI) announcement on Friday.
According to CME Group's FedWatch, the market is now pricing in the first interest rate cut of the year to occur in June after new Fed Chairman Kevin Warsh takes over as the central bank's leader.
Turning to individual stock performance, Apollo Global Management shares rose after the asset manager reported a 13% gain for the fourth quarter.
Conversely, Workday shares fell after the human resources software provider announced that its co-founder Aneel Bhusri would return as CEO.
