The S&P 500 ended lower on Thursday, with Intel and other chip stocks retreating after a recent rally, while uncertainty around U.S.-Iran peace talks weighed on the wider market. U.S.-listed shares of Arm Holdings tumbled as worries about the company's ability to secure sufficient supplies for its new AI chip overshadowed a strong earnings forecast. Intel and Advanced Micro Devices declined, giving back some of their gains from earlier this week. The PHLX chip index dropped, trimming its gain so far this quarter to around 46%.
The United States and Iran were edging toward a temporary agreement to halt their war, sources and officials said, with Tehran reviewing a proposal that would stop the fighting but leave the most contentious issues unresolved.
