The Globe and Mail reports in its Tuesday edition that the S&P 500 and Nasdaq ended sharply higher on Monday, with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that are expected to drive a strong second-quarter earnings season. A Reuters dispatch to The Globe says weakness in the materials and energy sectors, however, led to a lower close for the Toronto Stock Exchange. Broadcom jumped 3.7 per cent after the chipmaker and Apple agreed to extend a deal through 2031 to develop and supply a range of custom chips. The Philadelphia SE Semiconductor index gained 2.2 per cent after two straight sessions of losses. "This is a market that's leaving a lot of people out. If you're not in certain tech names, if you're not in semiconductors, then you're basically missing the entire rally," said Jake Dollarhide at Longbow Asset Management in Tulsa, Okla. "There is a risk, particularly if the Fed continues to see higher interest rates for longer." The S&P/TSX Composite index fell 62.52 to 35,212.32 points. The TSX materials sector fell 2.2 per cent as bullion prices retreated. Canada's energy index dipped 1.2 per cent, tracking a fall in crude prices.