Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.5%), and DJIA (+0.6%) steadily tick higher, expanding their push into record territory. 

Strength across chipmaker names pushes the PHLX Semiconductor Index 2.1% higher and helps keep the information technology sector (+1.6%) at the top of the leaderboard. 

Qualcomm (QCOM 198.31, +29.37, +17.38%) holds the widest gain across S&P 500 names, surging higher after the company unveiled new chip-based AI accelerator cards. 

Shares of NVIDIA (NVDA 189.32, +3.06, +1.64%) and Advanced Micro Devices (AMD 251.95, -0.97, -0.38%), which are regarded as leaders in the AI chip space, moved lower following the announcement.