US stocks end mixed as oil prices fall, chip shares tumble

US stocks ended mixed Tuesday as falling oil prices and strong corporate earnings boosted the Dow Jones Industrial Average, while sharp losses in semiconductor shares weighed on the Nasdaq.

The Dow Jones Industrial Average rose 537.24 points, or 1.03%, to close at 52,747.32, while the S&P 500 gained 0.21% to finish at 7,428.78.

The Nasdaq Composite, however, fell 0.22% to end at 24,876.91.

Chip stocks extended their losses, with Micron shares falling about 9% and AMD declining 8.1%.

The broader technology sector remained under pressure, while health care and financial stocks reached record highs as investors continued rotating out of high-growth technology shares and into other parts of the market.

Oil prices fell sharply as Iran discussed the Strait of Hormuz with Saudi Arabia and Oman. US benchmark West Texas Intermediate crude declined 4% to just above $79 per barrel, while Brent crude fell more than 5% to around $83.80 per barrel.

Apple briefly reached a market capitalization of $5 trillion for the first time after its shares touched an intraday high of $342.89. The iPhone maker's stock has gained 25% since the beginning of the year.

Investors are awaiting the Federal Reserve's monetary policy decision Wednesday, with markets widely expecting the central bank to leave interest rates unchanged.

On the data side, US consumer confidence fell to 90.8 in July from an upwardly revised 92.2 in June, below market expectations of 92.4, as assessments of current business and labor market conditions weakened.

The US advanced goods trade deficit narrowed by $4.4 billion to $101.5 billion in June, as exports fell to $204.7 billion and imports declined to $306.2 billion.

European stock markets also closed mostly higher Tuesday, supported by lower oil prices and positive corporate earnings, while Italy's benchmark index bucked the regional trend.

The pan-European Stoxx Europe 600 index rose 0.35% to close at 646.89 points.

Britain's FTSE 100 advanced 0.83% to 10,871.02 points, Germany's DAX 40 gained 0.41% to 25,464.01, and France's CAC 40 climbed 0.63% to 8,458.78.

Italy's FTSE MIB 30 fell 0.69% to 51,698.19 points, while Spain's IBEX 35 slipped 0.07% to 19,727.