Chip and Engineering Stocks Rise While Tech and Solar Slip on Valuation Concerns

Intel shares rose after announcing plans to IPO its programmable chip unit within 2-3 years.

Fluor stock climbed following an upgrade to buy from UBS, which is bullish on the company.

Apple shares dipped after KeyBanc downgraded it to sector weight due to high valuation and expected soft US growth.

Sunrun and Sunnova shares dropped after downgrades to hold from Truist Securities, citing higher interest rates hitting solar stocks.

Moderna gained slightly after reporting positive interim results for its mRNA influenza and Covid combination vaccine trial.