Sharp drops for chip stocks weigh on markets

NEW YORK (AP) — Sharp drops for stocks in the computer chip industry are circling the world and hitting Wall Street, while mixed profit reports from UnitedHealth Group, Wells Fargo and other big U.S. companies are keeping the market unsettled. The S&P 500 slipped 0.1% early Tuesday, but the modest move masked big swings for many stocks underneath the surface. The Dow Jones Industrial Average rose 383 points, while the Nasdaq composite fell 0.3%. Some of the sharpest action was among tech stocks, where drops for chip companies dragged South Korea’s Kospi down 5.5%. Micron fell 5.5% and Advanced Micro Devices fell 3.3%.THIS IS A BREAKING NEWS UPDATE. Check back for updates. AP’s earlier story follows below.Trading on Wall Street was mixed in premarket Tuesday as earnings season kicks off with the latest results from a handful of big banks.Futures for the S&P 500 fell 0.1% before the bell, while futures for the Dow Jones Industrial Average inched up 0.1%. Nasdaq futures tumbled 0.6%.Oil p