The latest artificial intelligence rally hit a snag on Tuesday, and it’s putting the S&P 500’s winning streak in jeopardy.
The S&P 500 was down 0.4% on Tuesday, which would snap the index’s winning run at seven days. The Dow was down 150 points, or 0.3%, while the Nasdaq Composite was down 0.7%.
Only 190 S&P 500 stocks were falling, but chip stocks were among the index’s biggest losers. The iShares Semiconductor ETF was down 2%, while the Roundhill Magnificent Seven ETF was down 0.8%.
Consumer staples, utilities, financials, and health care were leading. The opposite occurred on Monday, so today’s action could simply be a reversal of that rally in risk.
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