A sudden halt for technology stocks put the brakes on Wall Street’s record-setting run Tuesday.
The S&P 500 fell 0.2% from its all-time high set the day before. The Dow Jones Industrial Average added 56 points, or 0.1%, while the Nasdaq composite sank 0.7% from its own record.
Some of the sharpest drops hit chip companies and stocks that had been on electric runs because of the artificial-intelligence boom. Intel slumped 6.8% after its stock had more than tripled so far this year. Micron Technology dropped 3.6% after coming into the day with a gain of nearly 180% for the year to date, and CoreWeave sank 6.1% to cut into its gain of 60% for 2026.
The pullback for AI stocks began earlier in the day in Asia, where South Korea’s Kospi index sank 2.3% from its all-time high on worries that the government may redistribute windfall AI profits from companies to its citizens.
Also weighing on Wall Street was another rise in oil prices as the war with Iran threatens to drag on. The price for a barrel of Brent crude climbed 3.4% to settle at $107.77 as a fragile U.S.-Iran ceasefire looks more tenuous. The war has essentially shut the Strait of Hormuz to oil tankers, keeping them stuck in the Persian Gulf instead of delivering crude to customers worldwide.