Stocks Dip for 2nd Day

The S&P 500 fell on Wednesday as artificial intelligence giants Nvidia and Oracle came under pressure for a second day.

The Dow Jones Industrials dived 171.5 points to end Wednesday at 46,121.28.

The much-broader index dropped 18.95 points to 6,637.97.

The tech-heavy NASDAQ tumbled 75.62 points to 22,497.86

Nvidia slid almost 1%, continuing its declines from Tuesday as heightened fears about the potentially circular nature of the AI industry drew investor skepticism. Earlier this week, the chipmaker announced a $100-billion partnership with OpenAI. Fellow leading AI player Oracle also fell for a second straight day, losing nearly 2% Wednesday.

The NASDAQ’s losses for the day were narrowed heading into the close as Intel surged more than 6% after Bloomberg, citing people familiar with the matter, reported that the chipmaker is seeking an investment from Apple. That comes just days after Nvidia said it would invest $5 billion in the company.

Beyond those names, shares of Micron Technology moved lower by almost 3% as the company’s earnings and forecast weren’t strong enough to impress investors, signaling that confidence in the AI trade is still in question.

Fellow leading AI player Oracle also fell for a second straight day, losing 4% Wednesday.

Beyond the two names, shares of Micron Technology moved lower by 2% as the company’s earnings and forecast weren’t strong enough to impress investors, signaling that confidence in the AI trade is still in question.

Prices for 10-year Treasury sagged Wednesday, lowering yields to 4.15% from Tuesday’s 4.11%. Treasury prices and yields move in opposite directions.

Oil prices progressed $1.40 to $64.81 U.S. a barrel.

Gold prices slid $51.70 to $3,777.200 U.S. an ounce.