Big Tech, chipmakers power Nasdaq as Omicron worries subside; Dow up 1.3%

Intel jumps on plans to list self-driving car unit while Merck slips on pausing enrollment in HIV-1 trials; travel shares join rebound

The Nasdaq rallied more than 2% on Tuesday as technology firms bounced back on easing concerns around the Omicron variant, while Intel jumped after plans to take its self-driving car unit public.

Investors cheered the chip giant's decision to list Mobileye in the United States in mid-2022, sending its shares 5.0% higher. The Philadelphia SE Semiconductor index surged 3.5%, bouncing off a near one-month low hit in the previous session.

Ten of 11 major S&P sectors advanced in early trading, with the information technology sector, which houses companies like Visa Inc, Mastercard Inc, Salesforce.com and Apple Inc, gaining 2.5%.

Wall Street's main