* Indexes: Dow up 0.70%, S&P up 0.1%, Nasdaq up 0.1%

* Investors focus on first Fed meet under Warsh

* Qualcomm ( QCOM ) shares gain after report of talks to buy

Tenstorrent

(Updates after market open)

By Sruthi Shankar and Twesha Dikshit

June 16 (Reuters) - The blue-chip Dow touched an intraday

record high on Tuesday as oil prices slid further on optimism

around a U.S.-Iran peace deal, while SpaceX surpassed Amazon's ( AMZN )

market value to become the fifth-most valuable U.S. firm.

Shares of SpaceX climbedalmost 9.5%, helping the

companyovertake Amazon's ( AMZN ) market value.

The Elon Musk-led company said it would acquire software

firm Anysphere for $60 billion in a bid to ramp up its presence

in the enterprise AI market.

Memory chip stocks rose, with Western Digital ( WDC ) and

Seagate Technology ( STX ) adding 9% and 6%, respectively.

Still, the S&P tech index was down 0.5% after a

sharp rally in the previous session.

Seven out of 11 major S&P 500 sector indexes moved higher as

investors rotated into economically sensitive pockets of the

market. Financial shares led gains with a 1.1% rise.

Goldman Sachs ( GS ) gained 1.3%, aiding the Dow, while

JPMorgan ( JPM ) and Bank of America ( BAC ) added 1.8% and

1.2%, respectively.

The energy index lost 0.4% as oil prices dropped to

nearly a three-month low.

U.S. stocks rallied in the previous session after U.S.

President Donald Trump said a preliminary agreement to end the

conflict had been signed.

Still, doubts swirled around the deal as shippers said it

could take weeks for confidence to return after any reopening of

the Strait of Hormuz.

Markets will next turn to the Federal Reserve's monetary

policy decision on Wednesday.The central bank is widely expected

to hold interest rates at the 3.50-3.75% range, with investors

closely watching Warsh's comments on inflation, unemployment and

the economic outlook.

"All eyes are on Warsh's press conference, guidance and

expectations for the market. But given the (U.S.-Iran) deal

seems to be inked he has a little bit more latitude to be

balanced," said Thomas Hayes, chairman at Great Hill Capital.

"Historically, the market gets tested with a new Fed chair

in the first year or so. There's usually some market

volatility."

Inflation, in particular, is stuck more than a percentage

point above the Fed's 2% target, and Warsh's characterization of

whether and when it is likely to fall will be a key first step

in the evolution of monetary policy under his leadership.

Traders see a 42% chance of a 25-basis-point rate hike in

December, as per CME Group's FedWatch tool, with rate cuts seen

coming only after mid-2027.

At 9:42 a.m. ET the Dow Jones Industrial Average rose

360.77 points, or 0.70%, to 52,031.80, the S&P 500 gained

7.49 points, or 0.10%, to 7,561.78 and the Nasdaq Composite

gained 35.07 points, or 0.13%, to 26,719.01.

The benchmark S&P 500 was also near early June record highs

after a slump driven by concerns about high valuations in the

technology sector and the U.S.-Iran conflict.

Qualcomm ( QCOM ) rose 3.6% after the Information reported

that the chipmaker was in talks to acquire AI chip startup

Tenstorrent for $8 billion to $10 billion.

Robinhood was up 1.1% as the trading platform said

it would cut 10% of its full-time workforce and close remaining

open roles.

Advancing issues outnumbered decliners by a 2.19-to-1 ratio

on the NYSE and by a 1.39-to-1 ratio on the Nasdaq.

The S&P 500 posted 12 new 52-week highs and no new lows,

while the Nasdaq Composite recorded 46 new highs and 31 new

lows.