US stocks today: S&P 500, Nasdaq rises as chip stocks' gains offset Middle East jitters

US markets rose as chip stocks led gains, with the Philadelphia Semiconductor Index up 5 percent and Applied Materials jumping 9.4 percent on the S&P 500. Micron Technology gained 9 percent after announcing plans to invest over 250 billion US dollars in the US through 2035 to meet AI-driven memory chip demand. The rally was partially offset by Middle East tensions after US strikes on Iran and Iranian attacks on US assets in Kuwait and Bahrain, while Federal Reserve minutes showed some policymakers considering a rate hike before ultimately holding steady, with traders now pricing in at least one 25 basis point hike by year-end.