U.S. equities ticked up modestly as shares of semiconductor firms and regional banks advanced, while health care and consumer staples stocks slid. The S&P 500 closed at its highest level since August. 

Intel (INTC) was the best-performing stock in the Dow on indications the chipmaker will use the $1.5 billion raised from the sale of some of its stake in Mobileye Global (MBLY) to boost its spending on artificial intelligence (AI). Shares of Advanced Micro Devices (AMD) and several others in the chip sector moved higher as well. Optimism about demand for its AI offerings sent shares of GitLab (GTLB) skyrocketing. 

Regional bank stocks gained, with shares of Comerica (CMA) up 7%, and Fifth Third Bancorp (FITB) adding 5%. Shares of THOR Industries (THOR) jumped after the recreational vehicle (RVs) manufacturer exceeded earnings and revenue expectations.

Healthcare stocks were among the biggest losers in the S&P 500. Elevance Health (ELV) shares declined 3%, and shares of Humana (HUM) and UnitedHealth Group (UNH) lost 2%. Merck (MRK) shares tumbled as the pharmaceutical firm sued the U.S. government to block Medicare from negotiating drug prices, which was a provision in the Inflation Reduction Act of 2022.

Shares of Coinbase Global (COIN) sank as the Securities and Exchange Commission (SEC) accused the crypto trading platform of operating as an unregistered exchange and broker. J.M. Smucker (SJM) shares sank on the food company’s weaker-than-expected guidance. Shares of other consumer staples, including Procter & Gamble (PG) and McDonald’s (MCD), dropped. 

Oil futures slipped, while gold futures gained. The yield on the 10-year Treasury note was little changed. The U.S. dollar rose versus the euro, pound, and yen. Prices for most major cryptocurrencies reversed course and took off following comments from SEC Chair Gary Gensler on regulating the industry.