S&P 500 rises slightly as yields fall, Nasdaq boosted by chip names

The S&P 500 rose slightly Tuesday, as Treasury yields fell for a second day. A rally in semiconductor stocks lifted the Nasdaq Composite.

The broader index gained 0.2%, while the Nasdaq Composite advanced 0.5%. The Dow Jones Industrial Average was up 59 points, or 0.1%.

Bond yields slid, with the benchmark 10-year Treasury note yield falling to 4.658%. Yields also retreated Monday after CNBC reported that the Treasury Department could use its $1 trillion General Account to fund bond repurchases. On Tuesday, oil prices dropped more than 3%.

Chip stocks rallied ahead of Nvidia’s results due out after the close on Wednesday. Shares of the Jensen Huang-helmed company were up more than 1%, snapping a 7-day decline. Advanced Micro Devices and Micron Technology added 3% each. Intel advanced more than 2%.

Consumer names were a notable laggard, with shares of Dick’s Sporting Goods plunging more than 27% following disappointing results. The sports equipment retailer is on pace for its worst day on record. Other retailers such as Walmart and Target were also under pressure, falling 1% and 3%, respectively.

Sentiment was hurt by a worse-than-expected consumer confidence reading and a worsening trade conflict between the U.S. and Canada. Consumer confidence edged lower in August and grew particularly downbeat about the look further down the road. The Conference Board’s Consumer Confidence Index moved to 89.4, down 0.8 points and below the Dow Jones consensus for 90.2.