US stocks close higher on chip gains, inflation data

US stocks ended higher on Tuesday, supported by easing concerns over further monetary tightening after inflation slowed. Meanwhile, Wall Street received an additional boost as chipmakers rebounded from the previous session's selloff.

The Dow Jones Industrial Average was little changed at 52,508, weighed down by a more than 25% decline in IBM shares.

The broader S&P 500 rose 0.38%, or 28 points, to 7,543, while the Nasdaq Composite gained 0.90%, or 233 points, to 26,107.

In Europe, the STOXX Europe 600 erased its early losses and closed 0.17% higher at 642.

The UK's FTSE 100 gained 0.30% to 10,529, Germany's DAX rose 0.13% to 25,147, while France's CAC 40 ended flat at 8,366.

In Japan, the Nikkei 225 advanced 0.75% to 67,743, while the broader TOPIX index climbed 0.80% to 4,038.

In oil markets, Brent crude futures for September delivery rose 1.72%, or $1.43, to settle at $84.73 a barrel, their highest close since June 12.

US WTI (Nymex) crude futures for August delivery gained 1.54%, or $1.20, to settle at $79.34 a barrel.

Gold futures for August delivery climbed 1.60%, or $64, to settle at $4,069.70 per ounce.

Slowing inflation strengthened investors' appetite for risk, while a rebound in semiconductor stocks and gains in major banks at the start of the earnings season helped lift broader market performance despite ongoing geopolitical tensions in the Middle East.