Nasdaq Drops as AI Stocks Sell Off, Dow Still Positive
Chip and AI-linked stocks plunged, with Nvidia down about 3% and the Philadelphia SE Semiconductor Index tumbling 7.3%, as investors reassessed valuations and possible Fed rate hikes; the S&P 500 fell 0.94% and the Nasdaq dropped 1.42%, while the Dow edged up 0.02%, ahead of Thursday’s key PCE inflation report.