U.S. stocks advanced on Wednesday in choppy trading, buoyed as semiconductor stocks rallied late on a report that regulations on artificial intelligence chips would be loosened.

Market Snapshot

The Dow Jones Industrial Average rose 284.97 points, or 0.70%, to 41,113.97, the S&P 500 gained 24.37 points, or 0.43%, to 5,631.28 and the Nasdaq Composite gained 48.50 points, or 0.27%, to 17,738.16.

Market Movers

Alphabet - Alphabet fell 7.3% after Bloomberg reported that Eddy Cue, Apple’s senior vice president of services, said he expectedartificial-intelligence search providerswould one day take market share away from traditional search engines like Google. Cue, testifying in a Department of Justice lawsuit against Google, said searches in Apple browsers fell for the first time as people turn to AI for their search queries. Apple, down 1.1%, uses Google as its default search partner.

Nvidia - Nvidia rose 3.1% after Bloomberg reported the Trump administration planned to rescind Biden-era rules on chip exports to certain countries. The iShares Semiconductor ETF (SOXX) spiked 1.8% on the news, recovering from negative territory, and the Nasdaq gained.

AMD - AMD reported first-quarter adjusted earnings and revenue that topped analysts’ expectations. Data-center revenue rose 57% from a year earlier. The chip maker said it expects second-quarter revenue at $7.4 billion, plus or minus $300 million, versus Wall Street forecasts of $7.2 billion. “Despite the dynamic macro and regulatory environment, our first-quarter results and second-quarter outlook highlight the strength of our differentiated product portfolio and consistent execution positioning us well for strong growth in 2025,” said CEO Lisa Su. The stock was up 1.8%.

Super Micro Computer - Super Micro Computer was down 1.4% after the AI server maker issued fiscal fourth-quarter guidance that was shy of analysts’ estimates. Super Micro also reported fiscal third-quarter revenue of $4.6 billion, shy of consensus of $5.05 billion. “Some customers delayed making platform decisions in the quarter,” said CEO Charles Liang, adding he expects commitments in the quarters ending in June and September, but “economic uncertainty and tariff impacts may have a short-term impact.”

Upstart - Upstart Holdings tumbled 9.7%. The artificial-intelligence lending platform said it expects second-quarter revenue of about $225 million, below analysts’ estimates of $226.2 million, and an adjusted loss of about $25 million.

Marvell Technology - Marvell Technology dropped 8%. The designer of data-storage and networking chips postponed its previously scheduled investor day event from June 10 to an unspecified future date in 2026, citing a dynamic macroeconomic environment.

Walt Disney - Walt Disney reported fiscal second-quarter adjusted earnings of $1.45 a share, beating Wall Street estimates of $1.19, and said it expects fiscal 2025 adjusted profit of $5.75 share, better than consensus of $5.43. Revenue for Disney’s experiences segment, which includes its theme parks, rose 6% in the second quarter from a year earlier to $8.9 billion, and beat estimates of $8.7 billion. The stock surged 10.8%.

Uber - Uber Technologies swung to a profit in the first quarter of 83 cents a share from a year earlier loss of 32 cents, as revenue jumped 17% to $11.53 billion but missed forecasts of $11.63 billion. The ride-hailing and food-delivery platform said trips in the quarter rose 18% to 3 billion. While gross bookings increased 14% to $42.8 billion, the number came in below analysts’ expectations. Shares fell 2.5%.

Novo Nordisk - U.S.-listed shares of Novo Nordisk rose 1.9% after the Danish pharmaceutical company posted better-than-expected first-quarter earnings but reduced its guidance for the year, saying it cut its outlook “due to lower-than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the U.S..”

Arista Networks - First-quarter earnings and revenue at Arista Networks topped Wall Street estimates but shares fell 4.8% after the networking equipment company said adjusted gross margin and operating margin may decline in the second quarter.

Rivian - Rivian Automotive, the electric-vehicle maker, reported a first-quarter gross profit of $206 million on sales of $1.2 billion, topping analysts’ expectations, but expects vehicle deliveries for the year between 40,000 and 46,000, down from a prior range between 46,000 and 51,000. Rivian said it wasn’t “immune to the impacts of the global trade and economic environment,” namely trade policies and tariffs. Rivian shares fell 5.8%.

Lucid - Fellow EV maker Lucid Group was down 3.4% after posting an arrower-than-expected adjusted loss in the first quarter but revenue of $235 million that was shy of estimates of $247.6 million. The company delivered 3,109 vehicles in the quarter, up 58% from a year earlier. Lucid maintained that it would make about 20,000 vehicles this year.

Tesla - The largest U.S. maker of electric vehicles, Tesla, rose 0.3% following results from Rivian and Lucid.

Electronic Arts - Electronic Arts reported fiscal fourth-quarter earnings that rose from a year earlier as revenue jumped 6.5% to $1.9 billion. The videogame publisher said it expects fiscal 2026 revenue of $7.1 billion to $7.5 billion, with the release of a new title in its Battlefield franchise expected to provide a boost to sales. EA was up 0.6%.

Sarepta Therapeutics - Sarepta Therapeutics cut its full-year outlook, sending the stock down 21.5%. The company expects total net product revenue of $2.3 billion to $2.6 billion for the year, down from a prior forecast of $2.9 billion to $3.1 billion. Sarepta partially attributed the change to weaker demand for its Duchenne muscular dystrophy treatment, Elevidys, which came under scrutiny following the death of a patient in March.

Charles River Laboratories - Charles River Laboratories rose 18.7% after first-quarter adjusted earnings topped analysts’ estimates, the company boosted its full-year outlook, and said itentered a “cooperation” agreementwith activist Elliott Investment Management and would conduct a “comprehensive strategic review and evaluation” of its “business and prospects.”

Market News

Fed Sees Rising Risks to Economy as It Leaves Rates Unchanged

The Federal Reserve held interest rates steady on Wednesday but said the risks of higher inflation and unemployment had risen, further clouding the U.S. economic outlook as its policymakers grapple with the impact of President Donald Trump's tariffs.

The Fed's policy statement, which held the benchmark overnight rate steady in the 4.25%-4.50% range, noted that since the central bank's last meeting in March "uncertainty about the economic outlook has increased further," and that risks were increasing that both inflation and unemployment could increase.

At this point, Fed Chair Jerome Powell said, it isn't clear if the economy will continue its steady pace of growth, or wilt under mounting uncertainty and a possible coming spike in inflation.

Powell Says Fed Won’t Be Rushed, Outlook Depends on White House

Federal Reserve Chair Jerome Powell made clear he won’t be rushed into lowering borrowing costs until there’s more certainty on the direction of trade policy, which will have to come from the White House.

Powell and his colleagues held interest rates steady on Wednesday and, in their first meeting since President Donald Trump’s sweeping tariff announcements last month, said the risks of seeing higher inflation and unemployment had risen.

That scenario would force a tough choice, Powell said, between lowering borrowing costs to support the job market or keeping them elevated to contain price pressures. And in the meantime, he suggested uncertainty over the scope and scale of the tariffs — and the outcome of looming trade talks — will keep policymakers on hold for now.