Nasdaq Boosted by Chip Stocks as Investors Eye Key Economic Data

Chip stocks propped up Nasdaq, while the Dow and S&P 500 slipped as investors await inflation data and Federal Reserve Chair's testimony. Nvidia, Intel, and other chipmakers surged, elevating the Philadelphia SE Semiconductor Index. Boeing rose after a plea deal, while Paramount Global dipped post-merger with Skydance.

Chip stocks gave a significant lift to Nasdaq, while the S&P 500 and the Dow Jones experienced slight declines as investors looked ahead to key economic indicators. Notably, Nvidia, Intel, and other chipmakers saw impressive gains, pushing the Philadelphia SE Semiconductor Index up by 1.5% to a near three-week high.

The market's focus is on upcoming consumer price index (CPI) and producer price index (PPI) data to gauge inflation trends. Investors are also keenly awaiting Federal Reserve Chair Jerome Powell's testimony before Congress. Expectations are building for potential interest-rate cuts in September, spurred by weakening labor market data.

In corporate news, Boeing shares rose 0.8% following a plea deal in the 737 MAX investigation. Conversely, Paramount Global shares declined by 3% after announcing a merger with Skydance Media. Major banks are set to kick off the second-quarter earnings season, adding to the financial market's complexities.

(With inputs from agencies.)