FX.co ★ Nasdaq Eases from Record High

US stocks were choppy on Wednesday as the recent tech rally paused and broader macroeconomic worries reasserted themselves. The Nasdaq 100 slipped from its record high, while both the S&P 500 and the Dow edged slightly into negative territory.

Semiconductor shares weakened as some investors took profits following this week’s sharp gains, which had been fueled by renewed enthusiasm for AI-related names after positive feedback on the launch of Meta’s Muse agent. Broadcom, Micron, Intel, and Lam Research declined between 1% and 2%.

In fixed income, Treasury yields stayed elevated as the recent pullback in energy prices stalled. Credit-sensitive sectors were subdued, with bank stocks holding on to steep losses from the previous session; JPMorgan and Wells Fargo each slipped as much as 1%.

By contrast, energy producers traded higher. Chevron, ExxonMobil, Marathon, and Valero advanced amid reports that the industry had lobbied against President Trump’s proposal to halt diesel exports in an effort to contain domestic fuel prices.