Sinking AI stocks and another climb in oil prices helped to halt Wall Street’s record-setting rally.
The S&P 500 fell 0.5% Tuesday from its latest all-time high. The Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite fell 0.9% from its own record.
Chip companies Nvidia and Broadcom were the heaviest weights on the market. Oil prices meanwhile rose by more than 2.5% as uncertainty continues about when the Strait of Hormuz could reopen and allow oil tankers to leave the Persian Gulf again. Treasury yields held relatively steady following a surprise increase in confidence among U.S. consumers.
On Tuesday:
The S&P 500 fell 35.11 points, or 0.5%, to 7,138.80.
The Dow Jones Industrial Average fell 25.86 points, or 0.1%, to 49,141.93.
The Nasdaq composite fell 223.30 points, or 0.9%, to 24,663.80.
The Russell 2000 index of smaller companies fell 32.14 points, or 1.2% to 2,756.05.
For the week:
The S&P 500 is down 26.28 points, or 0.4%.
The Dow is down 88.78 points, or 0.2%.
The Nasdaq is down 172.80 points, or 0.7%.
The Russell 2000 is down 30.95 points, or 1.1%.
For the year:
The S&P 500 is up 293.30 points, or 4.3%.
The Dow is up 1,078.64 points, or 2.2%.
The Nasdaq is up 1,421.81 points, or 6.1%.
The Russell 2000 is up 274.14 points, or 11%.
