On Wednesday local time, all three major U.S. stock indices closed higher. The Dow rose 1.04% to 44,922.27, the S&P 500 gained 0.32% to 6,466.58, and the Nasdaq added 0.14% to 21,713.14. Both the S&P 500 and Nasdaq set new closing records.

Among the Dow components, UnitedHealth Group rose nearly 4%, and Nike gained over 3%, leading the index. The Dow is now just a step away from its all-time high set last December.

Most mega-cap tech stocks declined, with the "Magnificent Seven" index dropping 0.31%. Microsoft fell over 1%, Facebook lost more than 1%, Nvidia declined 0.88%, Google dipped 0.68%, Tesla slipped 0.47%, while Amazon rose over 1% and Apple gained more than 1%.

Chip stocks mostly advanced, with the Philadelphia Semiconductor Index rising 0.9% to a fresh record. AMD surged over 5%, NXP Semiconductors jumped more than 4%, ON Semiconductor climbed over 3%, Intel gained nearly 2%, and Qualcomm rose over 1%. On the downside, Micron Technology dropped more than 2%, Broadcom fell over 1%, and TSMC declined more than 1%.

China concept stocks broadly rallied, with the Nasdaq Golden Dragon China Index surging 2.08%, marking its second consecutive session of strong gains. Tencent ADR, which just reported earnings, soared 7.4%, Bilibili jumped 6.61%, and Futu Holdings surged 6.84%. Alibaba, NetEase, and Baidu all rose over 3%. Additionally, Newegg skyrocketed over 24%, Lianzhong Portal surged more than 18%, Pony.ai gained over 7%, and BeiGene climbed more than 6%. On the losing side, Jian Yong Sheng Ji plunged over 8%, and GDS Holdings dropped more than 6%.

The 3x Long FTSE China ETF surged over 8%, the 2x Long China Internet ETF jumped more than 7%, while the KraneShares CSI China Internet ETF and the Global X MSCI China Information Technology ETF both gained over 3%.