Wall Street experienced steep declines Wednesday as artificial intelligence stocks continued their recent retreat, pulling major market indexes significantly lower.
The S&P 500 index declined 1.6% on Wednesday following a brief morning uptick. This marked the first consecutive daily losses for the benchmark index in three weeks. Meanwhile, the Dow Jones Industrial Average tumbled 1.9%, while the Nasdaq composite dropped 2%.
Market volatility has persisted since the previous week when AI-related stocks shifted from hitting record highs to experiencing sudden reversals. Investors are increasingly concerned that valuations in this sector may have climbed too rapidly. Additionally, oil markets gained ground after President Donald Trump issued threats of additional military action against Iran.
Wednesday’s closing numbers:
The S&P 500 declined 119.66 points, finishing at 7,266.99, representing a 1.6% decrease.
The Dow Jones Industrial Average dropped 953.33 points to close at 49,918.78, marking a 1.9% decline.
The Nasdaq composite decreased 509.32 points to end at 25,169.50, down 2%.
The Russell 2000 index tracking smaller companies fell 31.56 points to 2,835.46, a 1.1% drop.
Weekly performance:
The S&P 500 has declined 116.75 points, down 1.6% for the week.
The Dow has fallen 948 points, representing a 1.9% weekly decrease.
The Nasdaq has dropped 539.93 points, down 2.1% for the week.
The Russell 2000 has gained 1.96 points, up 0.1% for the week.
Year-to-date performance:
The S&P 500 remains up 421.49 points, showing a 6.2% annual gain.
The Dow has risen 1,855.49 points, reflecting a 3.9% yearly increase.
The Nasdaq has climbed 1,927.51 points, up 8.3% for the year.
The Russell 2000 has advanced 353.56 points, posting a 14.2% annual gain.
