"What has been behind the move into these non-tech names? Part of it is value," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "GDP is solid, the labor market continues to churn along and, in a lot of places, there's evidence that consumer spending is reaccelerating."
Coca-Cola rallied 4.5% after the beverage company raised its annual revenue and profit forecasts.
Boeing jumped 4.9% after the airplane maker generated positive free cash flow as its turnaround plans gained momentum.
Fed decision and other movers in focus
The S&P 500 was up 0.24% at 7,430.73 points.
The Nasdaq declined 0.21% to 24,880.21 points, while the Dow Jones Industrial Average was up 1.10% at 52,781.78 points.
The Federal Reserve is due to announce its interest-rate decision on Wednesday. Traders see a 71% probability that the central bank will leave rates unchanged and a 29% chance of a 25-basis-point rate hike, according to CME's FedWatch tool.
Higher rates could further pressure AI companies that are becoming more dependent on debt financing.
Corning tumbled 15% after third-quarter sales forecasts missed estimates, while contract research firm IQVIA Holdings jumped 12% after lifting its annual profit forecast.
Oil prices offered some broader relief, with Brent falling 4% to $84.58 a barrel on expectations that tensions in the Middle East and in Ukraine would ease as the White House hosted Israel's Benjamin Netanyahu and Ukraine's Volodymyr Zelenskiy.
Advancing issues outnumbered falling ones within the S&P 500 by a 2.6-to-one ratio.
The S&P 500 posted 62 new highs and one new low; the Nasdaq recorded 158 new highs and 182 new lows.
Big tech and chips move in opposite directions
Microsoft rose 2.6% ahead of its report on Wednesday, while Amazon climbed 0.1% ahead of its results on Thursday.
Chipmakers that have benefited from heavy AI spending added to recent losses, with the PHLX index losing 4.3%. It has fallen over 20% from its record-high close on June 22, and it remains up 56% in 2026.
Apple rose 0.8%, lifting its stock market value to $5 trillion for the first time.
The S&P 500 healthcare and consumer staples indexes each rose more than 2%, while declining chipmakers kept the tech index down 1.1%.
Markets rise as investors look ahead to tech earnings
The S&P 500 climbed on Tuesday as gains in Boeing and Coca-Cola helped offset tumbling chip stocks ahead of quarterly reports from Apple and other tech companies this week.
Global markets have been volatile this month as investors worry that Alphabet, Microsoft, Amazon and other technology heavyweights may be overspending on AI data centers as they race to dominate the emerging technology.
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