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US Stocks Dip as Leading Chipmakers Decline

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Wall Street stocks dipped early Wednesday, giving back a fraction of the prior session’s gains, as leading chipmakers retreated. online news

Both the S&P 500 and Nasdaq had piled on more than one percent Tuesday following surprisingly buoyant US economic data, including a solid reading of consumer confidence.

But about 20 minutes into trading on Wednesday, the Dow Jones Industrial Average was down 0.4 percent at 33,780.79.

The broad-based S&P 500 also shed 0.4 percent to 4,362.74, while the tech-rich Nasdaq Composite Index slipped 0.1 percent to 13,536.49.

Semiconductor firms Advanced Micro Devices and Nvidia dropped more than two percent following a Wall Street Journal article that said President Joe Biden’s administration was weighing export restrictions on chips used for cutting-edge artificial intelligence.

Consumer foods manufacturer General Mills shed nearly five percent as it reported weaker-than-expected quarterly sales.


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