Onsemi Shares Climb as Ties Strengthen with Denso, Boosting S&P 500

Onsemi's stock saw an impressive intraday increase of up to 6.2% on Tuesday following the company's announcement of plans to strengthen its long-standing partnerships with Denso. The enhanced collaboration between Onsemi and the automotive parts manufacturer aims to support the supply of autonomous driving and driver assistance technologies. As part of this collaboration, Denso expressed its intention to purchase an undisclosed amount of Onsemi shares from the open market. The rise in Onsemi's stock price made it one of the biggest percentage gainers in the S&P 500 Index on Tuesday. This increase marks the largest surge since August 15. However, it is important to note that the stock has experienced a 20% decline this year compared to its last closing price.