U.S. stocks finished mixed as a rout in chip stocks continued, while falling oil prices boosted consumer stocks. The Dow Jones Industrial Average rose 537.24 points, or 1.03%, to 52747.32. The broad S&P 500 added 15.60 points, or 0.21%, to 7428.78. Meanwhile, the tech-heavy Nasdaq composite slipped 55.17 points, or 0.22%, to 24876.91.

The selling began overnight in Asian indexes, where semiconductor makers are major components. Investors had previously favored memory chip makers like Samsung Electronics and Micron, driven by perceived boundless demand from data centers. However, recent developments have introduced concerns.

Fear of new competition, highlighted by the IPO of Chinese chip maker Chang Xin Memory Technologies, is one factor. Another is data-center financing. Tech giants like Alphabet and Meta have increasingly relied on stock and bond offerings for funding, raising questions about the sustainability of demand for chip products.