Strong profit reports from Goldman Sachs and others support Wall Street as chip stocks drop

NEW YORK (AP) — Strong profit reports from Goldman Sachs, UnitedHealth Group and other big U.S. companies are helping to shore up the stock market on Tuesday, even as sharp drops for stocks in the computer chip industry circle the world and hit Wall Street.The S&P 500 slipped 0.1% to pull a bit further from its all-time high set last week, but the modest move masked big swings for stocks underneath the surface. The Dow Jones Industrial Average was up 300 points, or 0.6% as of 9:35 a.m. Eastern time, while the Nasdaq composite was 0.4% lower.Some of the sharpest action was among tech stocks, where drops for chip companies dragged South Korea’s Kospi index down 5.5%.Worries have been high for a while about whether chip stock prices have shot too high in the frenzy around artificial-intelligence technology, and concerns rose further following reports that China’s memory chipmaker CXMT is making advances that could challenge industry heavyweights like Micron Technology of Boise, Idaho and