Stocks started the day higher but fell later, as investors grew more cautious as Wednesday went on. The biggest jolts came from the technology and AI sectors, as major stocks fell.
The Dow Jones Industrial Average lost 45 points, or about 0.1%, to end the day at 37,753. The S&P 500 fell 0.7% and the tech-heavy Nasdaq dropped 1.1%.
The crypto market also felt the turbulence as the big Bitcoin “halving” event approaches. Bitcoin dipped below $60,000, and Ether couldn’t cross the $3,000 mark by the end of the day.
Tech and AI stocks struggle
The biggest fall was seen in the tech sector, with chip stocks dropping after Dutch company ASML missed first-quarter earnings expectations. ASML stock closed down 7.1%. But the pain spread.
Amazon and Meta both lost 1.1%, and Tesla continued its long slide to close down about 1%.
AI chipmaker Nvidia fared worse, losing 3.9%. Micron Technology stock dropped 4.5%. Super Micro Computer, which soared Tuesday, fell back about 1.7% Wednesday.
Energy stocks get hot
Three energy stocks made the top performers list. Consolidated Edison, an energy delivery company, rose 3.3%. NextEra Energy, an electric power and energy infrastructure company, gained 3.4%. And First Solar, a solar technology company, added 2.9%.
United and other airline stocks fly high
United Airlines stock soared 17.5% after it blamed Boeing for a $200 million loss. But its earnings still beat expectations as the the airline reported strong demand and a rebound in business travel.
Other airline stocks moved up with United. American Airlines stock rose 6.6%, Delta Air Lines added 2.9%, and Southwest Airlines stock gained 2.6%.
The surge came a day after the Biden administration announced it would enforce consumer protection laws on airline travelers with the help of officials in 15 states.
Trump Media surges after days of losses
Trump Media & Technology Group ended a weeks-long spell of losses Wednesday when its stock spiked.
Shares in Trump Media, the company behind former President Donald Trump’s Truth Social, shot up as much as almost 22% in afternoon trading on Wednesday. Its shares traded at a high of $27.77, bringing its market cap back up to $3.8 billion and erasing some of the losses it accrued in recent weeks, before dropping off to close up 15.6%, at $26.40 per share.
Trump Media went public on the Nasdaq under the ticker DJT on March 26, after completing its merger with Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. From its high trading price of $79.38 in its first week, its market cap has fallen more than $4 billion, with the stock price hitting an all-time low of $22.55 per share this week.
Bitcoin gets nervous before the big ‘halving’ event
Bitcoin got jittery before the big “halving” event scheduled for Friday. The top cryptocurrency fell to $59,900 on Wednesday for the first time since early March, almost 17% below its all-time high.
Many of the other major cryptocurrencies also dropped Wednesday, including the second-largest, Ether, which has gone below $3,000, according to crypto tracking website CoinMarketCap.
–Rocio Fabbro and Francisco Velasquez contributed to this article
Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
