Key Highlights

● The Nasdaq Composite rose 72.04 points.

● The chip index climbed for a fourth straight day.

● Memory chips led the charge after SK hynix's results.

● Nvidia lagged the broader chip rally.

The Nasdaq Composite rose, powered by another strong session for chipmakers, as the chip index climbed for a fourth straight day and technology was the best-performing sector in the S&P 500. The advance came despite a Federal Reserve decision that leaned hawkish and a sharp rise in long-dated Treasury yields.

The spark came from South Korea, where SK hynix reported a record quarter, with profit jumping sharply and an exceptionally wide operating margin, saying it sees the memory shortage lasting into 2030.

Memory Chips Led the Charge

That news lifted memory makers across Wall Street, with Micron Technology climbing strongly and Sandisk jumping, while chip-equipment makers Lam Research and Applied Materials also climbed. Not every chip giant participated, with Nvidia slipping during the regular session, lagging the broader rally.

The split suggested investors were rotating within the semiconductor space, favoring memory and equipment names tied directly to the tight supply picture SK hynix described.

Breadth Was Healthier on the Nasdaq

Advancing stocks outnumbered decliners on the Nasdaq, a stronger showing than on the New York Stock Exchange, where breadth was roughly even, though some individual stocks were hit hard, including F5, which tumbled on its outlook.

The Fed left its benchmark rate range unchanged in a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack favoring a hike, and long-dated Treasury yields climbed, though chip enthusiasm won out for the session.