Nasdaq Overcomes a Chip Slide. The Mag 7 Is Roaring Back.

It seems the Nasdaq doesn’t need chips to rally, after all.

After losing steam on a chip stock slide, the Nasdaq Composite was back up 0.4% on Wednesday. The S&P 500 was up 0.6%. The Dow Jones Industrial Average was up 333 points, or 0.6%.

Though the iShares Semiconductor ETF was still down 2%, Big Tech and software stocks were more than making up for the latest chip dip. The iShares Expanded Tech-Software Sector ETF was up 0.6% and rising sharply off its lows, while the Roundhill Magnificent Seven ETF was up 1.4%.