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NEW YORK (AP) — U.S. stocks are drifting in mixed trading on Wednesday.

The S&P 500 rose 0.2% in afternoon trading and remains near its all-time high set a couple weeks ago. The Dow Jones Industrial Average jumped 428 points, or 0.9%, after setting its own record the day before, while the Nasdaq composite was down 0.3%, as of 12:42 p.m. Eastern time.

Advanced Micro Devices was at the front of the market. It rallied 8.6% after CEO Lisa Su said the chip company is expecting better than 35% of annual compounded growth in revenue over the next three to five years. She credited “accelerating AI momentum.”

Stocks benefiting from the artificial-intelligence frenzy have been shaky recently, as investors question whether they can add more to their already spectacular gains. Their sensational growth has been one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. But their prices have shot so high that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.

Nvidia, for example, came into the day with a 4.6% drop for the month so far after its stock price more than doubled in four of the last five years. The biggest player in AI chips swung between gains and losses on Wednesday and at one point was the one of the heaviest weights on the market.

Similar questions are also dogging the broad U.S. stock market, though other stocks aren’t getting as much criticism as Big Tech and AI superstars.

One way for stock prices to look less expensive is for companies to deliver big growth in profits.

IBM rose 1.2% after announcing progress in “bringing truly useful quantum computing to the world,” according to Jay Gambetta, director of IBM Research. Companies across the industry are racing to develop quantum computing in order to solve complex problems beyond the reach of classical computers.

On Holdings jumped 19.3% after the Swiss shoe and apparel company reported a much bigger profit for the latest quarter than analysts expected.

But even beating expectations may not be enough for some stocks. Circle Internet Group fell 10.7% even though it reported profit for the latest quarter that trounced analysts’ estimates.

The stock price of the issuer of one of the most popular cryptocurrencies has been generally falling since it got near $300 in June, just a few weeks after its initial price offering of $31. It’s now below $90.

Another way for stock prices to look less expensive is if interest rates fall. That’s because bonds paying lower yields can encourage investors to pay higher prices for other investments.

In the U.S. bond market, the yield on the 10-year Treasury eased to 4.06% from 4.13% late Monday after trading resumed following Tuesday’s Veterans Day holiday.

Traders still see a nearly two-in-three chance that the Federal Reserve will cut its main interest rate at its next meeting in December, according to data from CME Group. That’s despite Fed Chair Jerome Powell saying a third cut for the year is far from a sure thing. Fed officials are worried about the potential of giving still-high inflation more fuel.

The Fed has been in a difficult spot recently because the U.S. government has not been publishing its usual updates on the job market, inflation and other areas of the economy. That’s restricted its view of how things are going, though the nation’s longest-ever shutdown appears to be nearing an end.

In stock markets abroad, indexes rose across much of Europe and Asia.

Germany’s DAX jumped 1.2%, and South Korea’s Kospi gained 1.1% for two of the world’s bigger gains.

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AP Business Writers Yuri Kageyama and Matt Ott contributed.

A little more than a year ago, Ryan Sprankle welcomed President Donald Trump to one of the three grocery stores his family owns near Pittsburgh. Trump was on the campaign trail; they talked about high grocery prices, and the Republican nominee picked up a bag of popcorn.

But these days, Sprankle would have a different message if Trump or any lawmakers visited his store. He wants them to know that delayed SNAP benefits during the government shutdown hurt his customers and his small, independent chain.

“You can’t take away from the most needy people in the country. It’s inhumane,” Sprankle said. “It’s a lack of empathy and it’s on all their hands.”

The Trump administration froze funding for the Supplemental Nutrition Assistance Program at the end of October, impacting food access for some 42 million Americans. On Monday, the U.S. Senate passed legislation that would reopen the federal government and replenish SNAP funds. The U.S. House is scheduled to vote on that bill Wednesday evening. But it’s unclear when SNAP payments might resume if the government reopens.

In 2024, SNAP recipients redeemed a little more than $96 billion in benefits, according to the U.S. Department of Agriculture, which administers the program. The majority – 74% -- was spent at superstores and supermarkets, a category that includes big chains like Walmart and Kroger but also some independent stores like Sprankle’s.

Around 14% was spent at smaller grocery and convenience stores, businesses often tucked into neighborhoods and more easily accessible to SNAP beneficiaries.

Etharin Cousin, a former director of the United Nations World Food Program and founder of the nonprofit Food Systems for the Future, said the cutoff of SNAP benefits had immediate impacts on grocers and convenience stores of all sizes, most of which operate on slim profit margins of 1% to 2%.

“SNAP isn’t just a social safety net for families. It’s also a local economic engine,” Cousin said. “SNAP benefits flow directly into neighborhoods, stores, regional distributors and community jobs.”

Walmart declined to comment on the impact of the SNAP funding lapse but noted that it has been lowering prices and donating to local food banks. Kroger also declined to comment.

Shoppers not receiving their food benefits affects all retailers but becomes “a big problem more quickly” at small chains, Sprankle said. His Kittanning, Pennsylvania, store gets 25% of its revenue from SNAP, but customers who don’t get government assistance also are worried about the shutdown, according to Sprankle. They’re spending less, trading down to cheaper goods or heading to food banks, he said.

Sprankle said lower sales cut into the overtime he can offer to the chain’s 140 employees. Many are worried about losing their jobs, he said.

“They have families to feed, they have kids to buy gifts for,” he said. “If I have to sell my truck, we’re going to give Christmas bonuses.”

Liz Abunaw, the owner and operator of Forty Acres Fresh Market in Chicago, recently saw a customer putting back a full cart of groceries because she couldn’t afford them without SNAP.

Abunaw opened the supermarket in September after years spent selling produce at pop-up markets and in delivery boxes. Only about 12% of Abunaw’s revenue comes from SNAP benefits right now, she said. But without it -- or if SNAP recipients spend less money in her store -- it will slow Forty Acres’ growth and make it harder to pay the workers, suppliers and farmers who depend on her, she said.

“SNAP is currency. I get money I then use in this economy. It’s not a food box,” Abunaw said. “The economic impact of SNAP is larger than the dollars spent.”

The suspended food aid also had an immediate impact on Kanbe’s Markets, a nonprofit that stocks produce in coolers at 110 convenience stores around Kansas City, Missouri. Kanbe’s distributes a mixture of donated food and food purchased from wholesalers to keep prices low, founder and CEO Maxfield Kaniger said.

Kanbe’s also distributes free food to 50 food pantries and soup kitchens around the city.

Kaniger said some of the convenience stores he works with saw their sales drop 10% in the days after Nov. 1, when SNAP benefits weren’t paid. At the same time, the food pantries he supplies asked for double or triple their usual orders.

Because it’s giving away more food than usual, Kanbe’s has to spend more buying produce for the coolers it stocks. It’s frustrating for Kaniger, who must make decisions quickly before food spoils.

“It should be enough that people are going without food. Period, end of sentence. People going without food is wrong,” he said.

Babir Sultan sells berries, lemons, potatoes, bananas and other produce from Kanbe’s at his four FavTrip convenience stores in the Kansas City area. His stores are in food deserts, far from other groceries or big retailers, he said, so it’s important to him to stock fresh produce for those neighborhoods.

Sultan said foot traffic at his stores fell 8% to 10% in early November after SNAP funding ceased. He decided to offer $10 of free produce to SNAP beneficiaries but said he’s also happy to help out other customers who might be struggling right now.

“If you’re in need, just ask, we’ll take care of you,” Sultan said. “Everybody is affected whenever the customer is feeling the pinch.”

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Durbin reported from Detroit. Associated Press data journalist Kasturi Pananjady in Philadelphia contributed to this report.

NEW YORK (AP) — It’s the most wonderful time of the year, unless you want to find the perfect gifts for tech lovers.

There’s a lot of slop to sift through as we get closer to the holidays, many interests to appeal to and a whole bunch of deals-that-aren’t-deals flashing before our screens. So here’s a guide — and some sales — to help you get started on your gift shopping journey.

The Nintendo Switch 2 was the biggest and most anticipated console launch of 2025, and if history is any indication, it will be increasingly harder to find as Christmas approaches. But for the gamers in your life — both young and adult — this is the gift to get.

Nintendo’s Black Friday deals for the console and games have been announced but the best bang for your buck may be the console bundles. The Switch 2 is still available as just the console only for $449 or bundled with Mario Kart World for $499. A new $499 bundle is now available where the console is packaged with Pokémon Legends: Z-A. Games retail for about $70 a piece, so you do save a little with bundles.

The iPhone Air and iPhone 17 Pro Max captured the headlines this year when the new lineup launched, but the base iPhone 17 received an upgraded camera (telephoto lens), more base storage and a longer battery life. Given the price for this model hasn’t changed, you’re straight up getting more tech for the same price. If your gift recipient’s current iPhone is a few generations behind, this is a good time to consider an upgrade.

What about AI? The iPhone 17 doesn’t make as many leaps into the technology as its predecessor, but the new iOS and processer prepares the phone for any advancements that may come in 2026. The iPhone 17 retails at $800.

If you or someone in your life has ever been curious about a foldable phone, consider Samsung’s newest Galaxy Z Fold 7 model. This phone solves many of the issues users have been concerned about since fold phones hit the market: It’s much thinner and lighter than its predecessors — 0.17 inches thick when unfolded and less than half an inch folded — and it weighs slightly less than half a pound, impressive considering they boosted the size of all the screens.

But the price of a fold phone remains steep compared to the flagship iPhone and Galaxy devices. The Z Fold 7 currently is running a sale on its site but normally retails starting at $1,999.

For anyone interested in doing more filming or photography with their mobile device, this supremely portable tripod by SelfieShow offers solid stability even when extended to its max height of 71 inches. The mounting arm also offers a wide array of positioning for shooters on the go. And the rig can collapse into a retractable selfie stick for even more functionality and portability.

This portable tripod retails for $19.99.

For aspiring influencers, podcasters or vloggers in your life, try these wireless microphones by Hollyland. The Lark M2 Wireless Microphone mics are easy to use, have good range and do well in filtering out background noise. You can easily attach these to clothes for interviews or even hold them for the tiny mic lifestyle. Best of all, it comes with two mics per order.

These mics are currently on sale for $76.

For those TV lovers who just want a little more for their gaming or cinematic experience, consider Samsung’s S90F OLED TV. This higher-end TV offers excellent contrast, colors and Ethernet performance. It also can act as a giant monitor if you want to plug your PC/gaming console into it, offering VRR support up to 144Hz on all four of its HDMI ports. For those who like to add sound systems or other peripherals to their TV, it also offers an additional three USB-A ports and one USB-C port.

Normally this TV retails around $1,800, but an ongoing holiday promo (until Dec. 1) puts it, at 55 inches, at $1,199.99.

Portability is core to the Logitech Pebble 2 wireless keyboard and mouse combo. This minimalist and highly functional offering by Logitech will satisfy on-the-go users who are looking for a silent, but still tactile, Bluetooth mouse and keyboard. It also offers a one-tap, multi-device switching option if you’ve already paired it with said devices — which include Android tablets and Apple iPads in addition to laptops — a great feature if you’re multitasking.

The combo comes in several colors and retails for $49.99. If you’re OK with black, Walmart has a deal for $42.

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For more AP gift guides and holiday coverage, visit https://apnews.com/hub/gift-guide and https://apnews.com/hub/holidays.