Stocks rose on Wednesday, led by gains in chipmakers, as traders reacted to more data showing inflation is cooling.

The S&P 500 gained 0.4%, while the Nasdaq Composite added 0.6%. The Dow Jones Industrial Average added 28 points, or 0.1%.

Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings ​Inc, opens new tab for $60.50 per share, in a deal that would value the payments company at more than $53 billion, two people said.

The offer, submitted earlier ‌this month, is backed by about $50 billion in committed financing from banks, said one of the people. The offer represents around a 28% premium to PayPal's closing share price on Tuesday. The stock climbs 15% on the news.