The roller-coaster ride for AI stocks snapped lower again and weighed on Wall Street.
The S&P 500 fell 0.4% Tuesday, even though the majority of stocks within the index rose. The drops for stocks in the artificial-intelligence industry dragged the Nasdaq composite down 1.2%, while the Dow Jones Industrial Average dipped 0.2%.
The weakness began in Asia, where Samsung Electronics tumbled 6.9% in Seoul despite offering what analysts called a strong forecast for upcoming results. AI stocks worldwide have been under pressure because of worries their prices shot too high.
Stocks also felt pressure from rising oil prices.
On Tuesday:
The S&P 500 fell 33.58 points, or 0.4%, to 7,503.85.
The Dow Jones Industrial Average fell 130.76 points, or 0.2%, to 52,925.15.
The Nasdaq composite fell 302.47 points, or 1.2%, to 25,818.69.
The Russell 2000 index of smaller companies fell 27.05 points, or 0.9%, to 2,982.49.
For the week:
The S&P 500 is up 20.61 points, or 0.3%.
The Dow is up 25.08 points, or less than 0.1%.
The Nasdaq is down 13.98 points, or 0.1%.
The Russell 2000 is down 13.62 points, or 0.5%.
For the year:
The S&P 500 is up 658.35 points, or 9.6%.
The Dow is up 4,861.86 points, or 10.1%.
The Nasdaq is up 2,576.70 points, or 11.1%.
The Russell 2000 is up 500.58 points, or 20.2%.
