AI Names Drop, Oil Upends Inflation Bets, US Stocks Slip
Dow drops 848 points as tech stocks take hit, energy prices jump U.S. stocks sold off hard into Wednesday’s close with tech leading losses after energy prices spiked. The Dow slid to 50,023.77, off 848.34 points, by the end of trade, according to delayed LSEG data from Reuters. The S&P 500 finished at 7,271.18, while the Nasdaq Composite closed at 25,169.00. The move stretched beyond just one sector, hitting index leaders that have fueled this year’s climb. The moves follow Tuesday’s shift. On Monday, the Dow eked out a small gain while both the S&P 500 and Nasdaq fell; chip stocks weighed heaviest on the Nasdaq. By Wednesday afternoon, Reuters said all three main U.S. indexes had dropped more than 1%, dragged down by more losses in semiconductor shares and fresh worries over U.S.-Iran tensions.