Stock Market Today: S&P 500, Nasdaq Rise on Chip Stock Rebound, Dow Slips

💡 The S&P 500 and Nasdaq gained on Wednesday as chip stocks rebounded, while the Dow Jones Industrial Average slipped.

The S&P 500 and Nasdaq rose on Wednesday as a rebound in chip stocks helped drive gains. The Dow Jones Industrial Average slipped, weighed down by losses in several of its components. The $SPY, which tracks the S&P 500, rose 1.2% to close at 4,170.45.

Chip Stocks Lead the Way

Chip stocks, which have been under pressure in recent weeks due to concerns about inventory levels and supply chain disruptions, turned higher on Wednesday. $NVDA, a leading chipmaker, rose 3.5% to close at $550.25, while $TXN, another major chip stock, gained 2.8% to close at $185.15. The Philadelphia Semiconductor Index, which tracks the performance of semiconductor stocks, rose 4.1% to close at 1,555.21.

Dow Jones Industrials Slip

Despite the gains in the broader market, the Dow Jones Industrial Average slipped on Wednesday. The $DIA, which tracks the Dow, fell 0.5% to close at 34,525.11. Several of the Dow's components, including $CAT and $VZ, fell sharply, weighing on the index.

What It Means for Investors