US stocks mostly fell on Tuesday after Samsung’s quarterly results sparked renewed selling in chip stocks and oil prices edged higher.
The Dow Jones Industrial Average rose 0.4% on the heels of a record-setting day on Wall Street. However, the S&P 500 and the Nasdaq Composite fell 0.1% and 0.5%, respectively.Volatility continued in the tech trade after Samsung reported colossal profits in the second quarter. Surging demand for artificial intelligence helped lift Samsung’s Q2 operating profit 19-fold; however, concerns about its AI spending plans and future demand spooked investors, leading to broader selling pressure across the semiconductor sector.
The pullback in tech stocks weighed on markets on Tuesday following a rally the day before that lifted the Dow to a record high above 53,000. The S&P 500 and Nasdaq also gained on Monday amid renewed faith in the AI trade following June’s chip stock sell-off.
Yahoo Finance
