The Nasdaq and S&P 500 closed lower, while the Philadelphia Semiconductor Index fell more than 3%.

U.S. stocks initially rose but then retreated, with the Nasdaq down 1.07%, the Dow Jones up 0.42%, and the S&P 500 down 0.5%. Chip stocks generally declined, with the Philadelphia Semiconductor Index down 3.37%, Cerebras down 11.7%, Intel down nearly 9%, Western Digital, AMD, and Seagate Technology down over 7%, and SanDisk down over 6%.