Dow Climbs on Strong Earnings as NASDAQ Falls on Chip Stock Sell-Off

US stocks moved in different directions on Tuesday as strong corporate results lifted the Dow Jones Industrial Average, while another sharp decline in semiconductor shares weighed on the NASDAQ Composite. The S&P 500 also traded lower as investors reduced exposure to technology stocks.

The Dow gained about 400 points, or 0.8%, during morning trading. Meanwhile, the NASDAQ fell more than 1%, and the S&P 500 slipped around 0.3%. The split showed investors moving toward health care, financials, consumer staples and other established sectors.

Trading volume increased in several chip names as the decline spread from memory producers to equipment makers. Advancing shares still outnumbered falling shares on the New York Stock Exchange, showing that the sell-off stayed concentrated in technology rather than the entire market.