Broadcom shares rose 6% after Apple announced an expansion of their partnership. This multiyear deal will exceed $30 billion and lead to 15 billion U.S.-made chips. It also includes an expansion of a Broadcom facility in Fort Collins, Colorado.
Apple's stock also rose, but just by 1%.
Moderna, the biotech giant, shed 7% after Morgan Stanley reiterated its equal-weight rating on the stock. The firm raised its price target to $39 from $33, citing higher estimates for Covid and flu vaccines.
Alibaba, Chinese tech stocks bucked the sell-off trend on Wednesday as investors surged into that sector. U.S.-traded Alibaba shares rose more than 11%, while JD.com and Baidu each jumped more than 4%.
MasTec, the data center power infrastructure company, jumped 6% after agreeing to acquire Superior Group, an electrical contractor.
Levi Strauss, the denim manufacturer, dropped about 2% as traders awaited the company's quarterly report.
FuelCell Energy, the fuel cell company, tumbled about 12% after announcing an upsized public offering of 10.7 million shares at $21 apiece to raise $225 million in gross proceeds.
Energy stocks were boosted as U.S. oil prices surged after President Donald Trump said the ceasefire with Iran is over.
Carnival Corporation was off 4%.
Bath & Body Works fell more than 6% after Goldman Sachs downgraded the stock to sell from neutral.
Estee Lauder declined 3% after it revealed in a regulatory filing that its estimated costs for restructuring plans now total $1.75 billion.
