Wall Street Slips From Records as Tech and Chip Stocks Lead Declines

Overview

• The Dow fell 0.09%, the S&P 500 lost 0.53%, and the Nasdaq dropped 1.0% after recent records as investors digested producer-price data and Federal Reserve commentary.
• Large-cap tech lagged, with the “Magnificent Seven” finishing lower and chipmakers such as Broadcom (-4.15%), Marvell (-2.22%), and Nvidia (about -1.5%) sliding.
• Reuters reported Chinese customs were told Nvidia H200 chips are not authorized to enter the country, pressuring semiconductor shares.
• Bank stocks weakened as investors parsed mixed fourth-quarter results, with Wells Fargo down about 4.6% on a revenue miss and Bank of America and Citigroup also declining.
• Energy outperformed with a roughly 2.3% gain as oil prices rose, offsetting some of the broader market weakness.