Stocks
Mixed Market as Chipmakers Soar and Oil Prices Drop
The US stock market settled mixed on Tuesday, as chipmakers and AI stocks pushed the Nasdaq 100 to a new all-time high.
The S&P 500 Index closed unchanged, while the Dow Jones Industrial Average fell by 0.36% and the Nasdaq 100 Index rose by 0.82%.
Chipmakers like Micron Technology and Western Digital led gains in the sector, with SanDisk rising more than 7%. Financial stocks, however, slid on Tuesday, with Charles Schwab falling over 6% and JPMorgan Chase down by more than 3%.
The decline in oil prices also weighed on energy producers and service providers. Valero Energy fell over 4%, while APA Corp and Marathon Petroleum dropped by more than 3%. The price of WTI crude oil fell to a 3-week low, easing inflation expectations.