Wall Street slips as tech stocks sink again

NEW YORK (AP) — The U.S. banal marketplace slipped nether the value of sinking exertion stocks. The S&P 500 dipped 0.5% Wednesday, its 5th driblet successful the past six days. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite fell 1.5%. Most stocks wrong the S&P 500 rose, but the scale sank arsenic Advanced Micro Devices and different influential tech stocks fell. AMD dropped adjacent though the spot institution reported a stronger nett for the latest 4th than analysts expected. Gold and metallic prices pared gains from earlier successful the day, portion Treasury yields held comparatively steady.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.

NEW YORK (AP) — The U.S. banal marketplace is slipping connected Wednesday nether the value of sinking exertion stocks.

The S&P 500 dipped 0.2% and is connected way for a 5th humble driblet successful the past six days. The Dow Jones Industrial Average was up 339 points, oregon 0.7%, with an hr remaining successful trading, and the Nasdaq composite was down 1.1%.

Nearly 3 retired of each 4 stocks wrong the S&P 500 rose, but falling exertion stocks weighed connected the scale for a 2nd consecutive day. Advanced Micro Devices dropped 15.8% adjacent though the spot institution reported a stronger nett for the latest 4th than analysts expected. It besides gave a forecast for gross for the commencement of 2026 that topped analysts’ expectations, but that whitethorn not person been capable for investors aft its banal had doubled implicit the past 12 months.

Tech stocks are broadly feeling pressure, adjacent erstwhile they present stronger-than-expected profits. Big Tech stocks are facing disapproval that their prices changeable excessively precocious pursuing their yearslong dominance of the market. Companies similar bundle makers, meanwhile, are struggling with questions astir whether they’ll suffer successful the aboriginal to competitors powered by artificial-intelligence technology.

Uber Technologies besides dragged connected the marketplace aft falling 4.9%. The ride-hailing institution reported results for the latest 4th that fell abbreviated of analysts' expectations. It besides gave a forecast for nett successful the existent 4th that was beneath analysts' expectations, portion naming a caller main fiscal officer.

Some tech stocks nevertheless climbed, including a 14.1% emergence for Super Micro Computer. The company, which sells AI servers and different equipment, delivered a stronger nett for the latest 4th than analysts expected.

Eli Lilly rallied 9.5% aft topping analysts’ expectations for nett successful the latest quarter. It’s been riding large maturation created by its Mounjaro and Zepbound products for diabetes and value loss.

Match Group climbed 6.7% aft reporting amended results than analysts expected and expanding its dividend. The institution credited aboriginal signs of occurrence from efforts to amended outcomes for users. It said a caller facial verification diagnostic for its Tinder service, for example, led to a crisp driblet successful interactions with “bad actors” wherever it’s been rolled out.

Walmart edged up by 0.1%, a time aft its full marketplace worth topped $1 trillion for the archetypal time. The retailer has breached into a tiny nine dominated by Big Tech companies similar Nvidia and Apple, which are each worthy much than $4 trillion.

Gold and metallic prices roseate aft paring bigger, aboriginal gains. Gold added 0.3% to settee astatine $4,950.80 per ounce aft earlier climbing backmost supra the $5,000 mark. It’s been swinging sharply aft astir doubling successful terms implicit 12 months. It neared $5,600 past week and past fell beneath $4,500 connected Monday.

Silver’s price, which has been connected an adjacent wilder ride, roseate 1.3%.

Their prices had surged arsenic investors looked for safer places to support their wealth amid worries astir everything from tariffs to a weaker U.S. dollar to dense indebtedness loads for governments worldwide. But critics said their prices roseate excessively far, excessively accelerated and were owed for a pullback.

In the enslaved market, Treasury yields held comparatively dependable pursuing a mates mixed reports connected the U.S. economy.

One from ADP Research suggested that U.S. employers extracurricular of the authorities hired less workers past period than economists expected. A 2nd from the Institute for Supply Management said that maturation for wellness care, operation and different U.S. services businesses continued successful January astatine the aforesaid gait that economists expected.

That 2nd report, though, besides indicated that prices paid by U.S. services businesses roseate astatine a faster complaint successful January, which could beryllium a discouraging awesome for inflation.

The output connected the 10-year Treasury edged down to 4.27% from 4.28% precocious Tuesday.

In banal markets abroad, indexes were mixed crossed Europe and Asia.

Japan’s Nikkei 225 fell 0.8% from its all-time high. Nintendo sank 11%, adjacent arsenic the video crippled institution reported beardown profits. Investors and analysts are acrophobic astir whether income momentum tin beryllium maintained for the Switch 2 crippled console that was rolled retired past year.

South Korea’s Kospi, meanwhile, climbed 1.6% to different record.

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AP Business Writers Chan Ho-him and Matt Ott contributed.

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