Shares of technology companies rose ahead of earnings in the sector.
Apple, which reports earnings on Thursday, ticked up.
Fears that Intel's drastic slowdown foreshadowed broader weakness in the tech sector have diminished recently.
Intel's end of the semiconductor market has faced a specific set of challenges that are not ubiquitous, said Eric Marshall, president of mutual-fund firm Hodges Capital.
"That's a little more tied to servers and PCs and all those things that went through a big upgrade cycle during the pandemic, and potentially kind of like Y2K pulled forward demand, [the pandemic] may have pulled forward some hardware spending," said Mr. Marshall.
Chipmakers that supply auto makers, medical companies and other niches are not seeing the same slowdown, Mr. Marshall said.
Advanced Micro Devices rose in late trading after the chipmaker's earnings surpassed Wall Street targets.
PayPal Holdings plans to lay off about 7% of its staff as it continues with broader efforts to reduce costs, the latest major tech employer to shrink its workforce.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-23 1708ET
