Chip stocks bounce slightly, as Nvidia and Micron stock gains helps offset AMD and Broadcom weakness

The semiconductor sector bounced slightly, as a rally in the broader stock market gave chip investors a breather from U.S.-China trade concerns. The PHLX Semiconductor Index rose 0.2% in midday trading, with 22 of 30 components gaining ground. Among the sector tracker's more-active gainers, shares of Micron Technology Inc. gained 1.4%, ahead of the memory chip maker's fiscal first-quarter results due out after the bell. Elsewhere, shares of Nvidia Corp. rose 1.5%, KLA Corp. climbed 1.4% and Qualcomm Inc. tacked on 1.4%. The decliners were led by Broadcom Inc.'s stock , which shed 3.6% after the company said earlier that it upsized the public offering of mandatory convertible preferred stock to $3.25 billion from $3.00 billion, which will be converted in three years (unless earlier converted) to between 9.85 million and 11.51 million shares of common stock. Advanced Micro Devices Inc.'s stock dropped 2.2%. The chip sector index (SOX) had dropped 1.7% on Tuesday, as President Trump's criticism of China in a speech at the United Nations raised trade concerns. The SOX has climbed 12% over the past three months while the S&P 500 has gained 1.9%. Read More...