Chip Stocks Recovered Today and the Major Indexes Fell Anyway

Key Points The Dow and Nasdaq Composite each fell 0.7% by midday while the S&P 500 held up better at a 0.4% loss. Chip stocks reversed Monday's selloff, with Qualcomm up 4% and Advanced Micro Devices gaining 2.3%. The 10-year Treasury yield touched 5.041%, its highest level since July 2007. 10 stocks we like better than Dow Jones Industrial Average › Yesterday the market was worried about artificial intelligence. Today it went back to worrying about interest rates, which have a much longer track record. The Dow Jones Industrial Average (DJINDICES: ^DJI) dropped 0.7% as of 1:16 p.m. ET, with the Nasdaq Composite (NASDAQINDEX: ^IXIC) matching it. The S&P 500 (SNPINDEX: ^GSPC) took a lighter hit, falling 0.4%.