Wall Street Suffers from AI Chill, Oil Prices Keep Falling

Wall Street's momentum continued on Tuesday, despite some turbulence in specific sectors. The S&P 500 rose 0.2%, while the Dow Jones Industrial Average jumped 537 points to 52,747.32.

The modest move masked big swings underneath the surface, with computer chipmakers leading the decline. Micron Technology's stock dropped 8.9% after more than tripling for the year, following gangbuster growth. Advanced Micro Devices and Applied Materials also fell, down 8.1% and 7.8%, respectively.

The losses were even worse in other markets worldwide, with South Korea's Kospi index dropping 10.8%. Analysts at Morningstar attributed the sell-off to concerns over China's chipmaking equipment capabilities, but predicted it would be a 'knee-jerk reaction' and 'overdone.'

Oil prices continued their downward trend, falling 4.4% to $82.08 per barrel of Brent crude. The drop in oil prices also eased Treasury yields, with the yield on the 10-year Treasury falling to 4.60%.