As caution over an artificial intelligence (AI) bubble persisted, the three major U.S. stock indexes ended lower on the 15th.
On the 15th (U.S. Eastern time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average finished at 48,416.56, down 41.49 points, or 0.09%, from the previous session. The Standard & Poor's (S&P) 500 fell 10.90 points, or 0.16%, to 6,816.51, and the Nasdaq composite ended down 137.76 points, or 0.59%, at 23,057.41.
Wariness over AI dampened investor sentiment. Broadcom plunged 5.59% on the day, falling for a third straight session. The three-day decline amounts to 20%. Microsoft, Amazon and Apple also fell about 1%.
The Philadelphia Semiconductor Index, made up of semiconductor-related stocks, also fell 0.61%, marking a third straight day of losses. Among components of the Philly index, Nvidia was slightly higher, while TSMC, AMD and Micron Technology fell in the 1% range.
Funds leaving AI-related stocks flowed into traditional industrials and blue chips, helping other sectors hold up overall. JPMorgan Chase, Johnson & Johnson, Procter & Gamble, Merck, and Goldman Sachs rose about 1%.
David Wagner, head of equities at Aptus Capital Advisors, said, "It seems like everyone hates AI-related investments right now," and noted, "But the 'Magnificent 7' are still undervalued when considering operating leverage, and these core corporations will continue to lead the market."