The S&P 500 and Nasdaq Composite reached all-time highs on Wednesday as a rally in chip stocks helped investors shake off regulatory concerns facing Big Tech.

The broad index hit a record of 3,018.05 in the final hour of trading, gaining 0.4%. The tech-heavy Nasdaq jumped 0.8%. The VanEck Vectors Semiconductor ETF (SMH) gained 2.8% to hit a record, led by a 7.6% rally in Texas Instruments sparked by better-than-expected quarterly results.

However, the Dow Jones Industrial Average traded 90 points lower as investors pored through disappointing earnings from Boeing and Caterpillar.

Boeing shares dropped 3.3% after the aerospace giant posted a massive loss for the previous quarter. The loss comes as costs pile up while its 737 Max jet remains grounded. The company also warned it could suspend production of its flagship jet if delays worsen.

Caterpillar shares slid 4.1% after the company reported weaker-than-expected earnings and revenue amid rising costs. The company has been under pressure as U.S. tariffs on Chinese goods remain in place while the two countries try to work out a trade deal.

The negative sentiment around Boeing and Caterpillar’s earnings were partially offset by strong results from UPS and AT&T.

UPS jumped more than 9% after posting earnings and revenue that topped analyst expectations. The company said its strong results were driven by higher demand for its Next Day Air and Ground services.

AT&T, meanwhile, gained 3.3% after the company reported net phone subscriber growth that topped estimates. The telecom giant also raised its 2019 free cash flow guidance.

“The mixed earnings picture and comments on the economy that we have heard from companies so far now coincides with a somewhat mixed technical backdrop for the market in the near-term,” said Dan Russo, chief market strategist at Chaikin Analytics. While stocks “are trading near their recent all-time highs, under the surface there are signs that the bulls could take a breather.” Read more at CNBC