US-China Summit Looms as Wall Street Falls on Rising Oil Prices

Wall Street's main indexes fell on Wednesday as oil prices ticked up and bond yields rose, ahead of the high-stakes US-China summit.

Brent Crude prices climbed over 1% after five straight sessions of declines, but remained near a two-week low.

The market is in a limbo right now because bond yields and oil prices are up, said Sam Stovall, chief investment strategist at CFRA Research.

Chip-related companies such as AMD, Nvidia, and Intel were under pressure early on, while Meta Platforms rose 1.5% after its AI assistant Muse received strong reception.