Chip stocks explode! Nvidia rises nearly 13%, Philadelphia Semiconductor SOX index surges 7%. The S&P 500 index and Nasdaq hit their largest daily gains since February 22 on Wednesday, with 7 out of 11 sectors of the S&P 500 index rising, led by information technology and non essential consumer goods stocks. The healthcare, real estate, and essential consumer goods sectors performed the weakest. The Philadelphia Semiconductor Index SOX surged 7.01%. The Nasdaq 100 index rose 3.01%. Among the technology stocks in the US stock market, Meta, AMD, and Qualcomm all reported better than expected financial reports and closed with significant gains. On the news front, the Federal Reserve maintained the benchmark overnight interest rate in the range of 5.25% to 5.50% at the end of its two-day policy meeting on Wednesday, but opened the door for policy easing in September. Federal Reserve Chairman Powell stated at a press conference that policymakers are getting closer to cutting interest rates, and if conditions are met, they may cut rates as early as the September meeting.