The Chips Were Down - Heard on the Street Recap -- WSJ

Dow Jones05:09

By Heard Editors

What Happened in Markets Today

Semis took a breather, and so did stocks. A reversal for the semiconductor sector brought the market to a standstill. The S&P 500 fell 0.2%, and the Nasdaq composite dropped 0.7%. The Dow Jones Industrial Average added just 56 points, or 0.1%.

Chipmakers pulled back. After surging in recent sessions, many chip and memory companies fell back on Tuesday. Qualcomm, Intel and Sandisk led the S&P 500 decliners. The PHLX Semiconductor Index was down 3%.

Rising prices are outpacing wage earnings. Hourly wages in the U.S. rose a seasonally adjusted 3.6% in the year through April. But inflation was 3.8% year over year, pushed by rising fuel costs, according to new Labor Department data.

Treasury yields climbed. The yield on the benchmark 10-year U.S. Treasury note gained 0.051 percentage point to 4.462%.

EBay rejects GameStop approach. The board at eBay rebuffed GameStop's unsolicited $56 billion takeover proposal. GameStop shares fell almost 3%, and eBay rose 2%.

This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 12, 2026 17:09 ET (21:09 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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