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Wall Street closed mixed on Wednesday as investors remained cautious toward technology stocks ahead of Micron Technology’s highly anticipated earnings report. Concerns surrounding semiconductor stocks and the broader artificial intelligence (AI) sector continued to weigh on sentiment following a sharp sell-off earlier in the week.
The S&P 500 slipped 0.1% to finish at 7,359.11, while the Nasdaq Composite lost 0.4% to close at 25,476.64. In contrast, the Dow Jones Industrial Average gained 0.4%, ending at 51,850.87. Lower oil prices helped limit broader market losses by easing inflation concerns and reducing expectations for additional Federal Reserve interest rate hikes.
Technology stocks remained under pressure despite a strong rebound in Asian markets. The recent global tech sell-off was triggered by weakness in South Korea’s semiconductor sector, which had a ripple effect across major chipmakers and AI-related stocks. Although Samsung Electronics surged nearly 10% on reports of a potential share buyback program and SK Hynix advanced after announcing plans for a Nasdaq listing, U.S. technology shares struggled to recover.
The S&P 500 Technology sector fell 0.6%, while the Philadelphia Semiconductor Index declined 0.2% after suffering a much steeper drop in the previous session. Micron shares edged lower before its earnings release as investors looked for updates on memory chip demand and AI-driven growth.
Meanwhile, falling crude oil prices boosted market confidence. Brent crude briefly touched levels seen before the recent Middle East conflict, reducing fears of energy-driven inflation. As a result, Treasury yields declined and traders scaled back expectations for further Fed tightening.
Investors are now focused on upcoming economic data, including the core Personal Consumption Expenditures (PCE) Price Index and revised U.S. first-quarter GDP figures. These reports could provide fresh clues about inflation trends and the Federal Reserve’s next policy moves.
Among notable movers, Verizon dropped 2.1% after it was announced that Alphabet would replace the telecom giant in the Dow Jones Industrial Average. AI chipmaker Cerebras also fell sharply, losing nearly 20% after issuing weaker-than-expected margin guidance in its first earnings report since going public.
