The Nasdaq Composite dropped 1.2% Tuesday as renewed selling hit artificial intelligence and semiconductor shares, with Micron Technology among the biggest losers. The S&P 500 and Dow Jones also fell as high Treasury yields kept pressure on stock valuations.
US stocks turned lower on Tuesday as renewed selling swept through artificial intelligence and semiconductor shares. The Nasdaq Composite fell 1.2% by early afternoon, the sharpest move among the three major indices.
Meanwhile, the S&P 500 declined 0.6%, putting the index on track for a third consecutive loss after reaching a record high last week. The Dow Jones Industrial Average was down about 89 points, or 0.2%, at 1:54 p.m. Eastern time.
Micron Technology fell 7.6%, making the memory-chip producer one of the largest drags on the S&P 500. Other companies tied to AI infrastructure also traded lower.
That slide follows sharp gains many AI-linked stocks posted earlier in the year. Those gains raised investor concerns about valuations and about whether spending on data centers can sustain its pace.
Treasury yields stayed near multiyear highs, adding pressure to stock valuations as investors watched for signals on the path of interest rates.
Source: Crypto Briefing
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