S&P 500 subdued as bank gains offset AI jitters; Dow at one-month high
SPY•The S&P 500 was down 0.09% and the Nasdaq fell 0.70% as semiconductor and AI-related stocks retreated, while bank gains lifted the Dow 0.43% to a one-month high. CoreWeave slipped 7.6%, and the broader chips index fell 1.8%.
1. AI stocks weigh
At 10:24 a.m. ET, the S&P 500 was down 0.09% and the Nasdaq had fallen 0.70%, while the Dow rose 0.43% to 52,401.89. The S&P technology sector was its biggest drag, down 0.9%, as CoreWeave fell 7.6% and Micron declined 3.9%; the broader chips index lost 1.8%.
2. Banks lift the Dow
Goldman Sachs and JPMorgan Chase gained, helping the Dow reach its highest level in over a month. Materials rose 1.6% and financials gained 1.1%, while most megacap stocks were lower.
3. Caution over AI financing
A market analyst said concerns about Chinese competition in memory chips and CoreWeave's debt had given investors an excuse to reduce exposure to AI-adjacent companies. The S&P 500 and Nasdaq were set for weekly losses, while the Dow was poised to advance; markets increasingly expected the Federal Reserve to leave rates unchanged this month.
