Wall Street Sees Rotation from AI Stocks as Oil Prices Keep Falling

Despite some volatility in certain sectors, most of Wall Street rose Tuesday. The Standard & Poor's 500 added 0.2%, while the Dow Jones industrial average jumped 537 points, or 1%. However, this modest move masked big swings underneath the surface.

The Nasdaq composite slipped 0.2% after briefly dropping 9.3% below its record set last month. Many stocks rose after companies delivered stronger profits for the spring than analysts expected. Coca-Cola climbed 5% after its revenue rose 7%, and Sherwin-Williams rallied 8.3%.

But stock prices of chipmakers, which have been huge winners from the boom in artificial-intelligence technology, continued to tumble worldwide. Micron Technology's stock dropped 8.9% and was the heaviest weight on the S&P 500. Advanced Micro Devices and Applied Materials also fell.