On Tuesday, stocks declined amid a continued sell-off in chip stocks, which have driven the AI-powered bull market.
Investors also monitored the oil market after President Donald Trump canceled planned attacks on Iran, and bond yields remained near multi-year highs, adding pressure on U.S. consumers.
The S&P 500 fell 0.5%, and the Nasdaq Composite declined 0.6%, marking their third consecutive losing session. The Dow Jones dropped 357 points, or 0.7%.
The Philadelphia Semiconductor Index decreased 0.6% and has fallen over 6% in two days due to profit-taking amid valuation concerns and high data center spending.
Nvidia, set to report earnings after the bell on Wednesday, was slightly down, while Qualcomm dropped more than 3%, and Broadcom declined 1.8%.
Source (CNBC)
