Stocks struggled on Wednesday as the tech industry came under pressure amid concerns about further curbing AI chip exports. Federal Reserve Chairman Jerome Powell will deliver a speech.
The Nasdaq Composite (^IXIC) was significantly lower, down 0.4%. The S&P 500 (^GSPC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) slipped 0.2%.
Nvidia led tech companies down after the Wall Street Journal reported that the Commerce Department is considering tightening restrictions on sales of AI chips to China.
A string of robust economic data fueled a stock rally on Tuesday, marking the comeback of a dry spell and keeping key benchmarks on track to end the first half of 2023 with better-than-expected performance.
With signs of a resilient US economy, investors will be watching for clues to the Fed’s next moves when Powell joins a group of colleagues at an ECB forum on Wednesday morning.
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