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Stock market wobbles as tech sells off
The seemingly sturdy U.S. stock market has begun to wobble. Its months'-long tech-driven rally may be running out of steam amid growing wariness about the artificial intelligence boom and broader uncertainty about the U.S. economy’s outlook.
On Tuesday, the S&P 500, one of the broadest measures of U.S. stocks, fell about 0.8%, its fourth-straight day of losses. The Dow Jones Industrial Average shed nearly 500 points, or more than 1%, while the tech-heavy Nasdaq closed down 1.2%.
Several computer chip makers that have powered AI's rise this year led the drawdown, as the PHLX Semiconductor Sector declined more than 2%. Meanwhile, Home Depot, seen as a bellwether for the broader consumer sector, fell more than 6% after it cut its earnings outlook.
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