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 percent Tuesday from its latest all-time high. The Dow Jones Industrial Average slipped 0.1 percent, while the Nasdaq composite fell 0.9 percent 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 percent 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 percent, to 7,138.80.
The Dow Jones Industrial Average fell 25.86 points, or 0.1 percent, to 49,141.93.
The Nasdaq composite fell 223.30 points, or 0.9 percent, to 24,663.80.
The Russell 2000 index of smaller companies fell 32.14 points, or 1.2 percent to 2,756.05.
For the week:
The S&P 500 is down 26.28 points, or 0.4 percent.
The Dow is down 88.78 points, or 0.2 percent.
The Nasdaq is down 172.80 points, or 0.7 percent.
The Russell 2000 is down 30.95 points, or 1.1 percent.
For the year:
The S&P 500 is up 293.30 points, or 4.3 percent.
The Dow is up 1,078.64 points, or 2.2 percent.
The Nasdaq is up 1,421.81 points, or 6.1 percent.
The Russell 2000 is up 274.14 points, or 11 percent.
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