FX.co ★ US Stocks Falter on Tech Pullback

US equities were mixed on Wednesday, as broad gains in traditional sectors were offset by sharp losses among chipmakers and AI hyperscalers. The S&P 500 slipped slightly below the flatline and the Nasdaq 100 fell 0.7%, with both indices pulling back from record highs. Nvidia and Intel each declined 3%, while Qualcomm dropped 9%, giving back part of this year’s strong gains as investors reassessed the durability of the rally in AI infrastructure names. By contrast, Micron held on to its 19% surge from the previous session after UBS tripled its price target. Meanwhile, the Dow rose 300 points to a record high. Market sentiment was briefly influenced by reports that Iran had drafted a peace agreement with the US that signaled a willingness to restore trade flows through the Persian Gulf, though Washington dismissed the document as entirely fabricated. Among individual movers, Amazon and Apple each advanced nearly 2%, while Eli Lilly, Coca-Cola, and Procter & Gamble gained as much as 3.5%, leading the advance in defensive stocks.