Another sell-off for artificial-intelligence stocks dragged the U.S. market sharply lower.
The S&P 500 dropped 1.6% Wednesday after giving up a brief modest gain in the morning. The index had its first back-to-back drop in three weeks. The Dow Jones Industrial Average sank 1.9%, and the Nasdaq composite lost 2%.
Wall Street has been shaky since last week, when AI stocks went from roaring to records to suddenly turning lower. Among the worries is that their prices have simply shot too high, too fast. Oil prices rose after President Donald Trump threatened more strikes on Iran.
On Wednesday:
The S&P 500 fell 119.66 points, or 1.6%, to 7,266.99.
The Dow Jones Industrial Average fell 953.33 points, or 1.9%, to 49,918.78.
The Nasdaq composite fell 509.32 points, or 2%, to 25,169.50.
The Russell 2000 index of smaller companies fell 31.56 points, or 1.1% to 2,835.46.
For the week:
The S&P 500 is down 116.75 points, or 1.6%.
The Dow is down 948 points, or 1.9%.
The Nasdaq is down 539.93 points, or 2.1%.
The Russell 2000 is up 1.96 points, or 0.1%.
For the year:
The S&P 500 is up 421.49 points, or 6.2%.
The Dow is up 1,855.49 points, or 3.9%.
The Nasdaq is up 1,927.51 points, or 8.3%.
The Russell 2000 is up 353.56 points, or 14.2%.
