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The industrials sector has been a big beneficiary of the rotation out of tech, with a number of defense and transportation stocks hitting new highs on Wednesday.
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S&P 500 falls for a second day, Nasdaq sheds more than 1% as chip stocks decline, led by AMD: Live updates CNBCStock market today: S&P 500, Nasdaq sink as AI worries fuel return to tech sell-off ahead of Google earnings Yahoo FinanceStock Market Today: Nasdaq Continues Slide; AI Jitters Rattle Software Stocks — Live Updates The Wall Street JournalStocks Waver After AI Scare as Gold Hits $5,000: Markets Wrap Bloomberg.com
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The "indiscriminate" chip selloff is reminiscent of DeepSeek fears that were "proved unfounded," a Bank of America analyst said.
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Software Stocks Are Now ‘Sentenced Before Trial,' JPMorgan Says Bloomberg.comWhy software stocks are getting crushed as AI casts 'shadow of uncertainty' over sector Yahoo FinanceAI Threatens a Wall Street Cash Cow: Financial and Legal Data The Wall Street JournalAnthropic AI Tool Sparks Selloff From Software to Broader Market Bloomberg.com
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Eli Lilly became the first pharmaceutical stock to reach a $1 trillion valuation late last year.
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