What was shaping up to be a repeat of Tuesday’s AI momentum wreck seemingly turned on a dime into another buy-the-dip moment. Though major indexes all retreated on the session, they turned around sharply shortly before 11 a.m. ET to finish well off their lows. In the end, the S&P 500 gave back 0.2%, the Nasdaq 100 underperformed with a 0.6% drop, and the Russell 2000 dipped 0.3%.
Consumer discretionary, tech, and communication services — the sector ETFs home to the Magnificent 7 cohort — were the worst-performing S&P 500 groups on the day.
Analog Devices was the biggest gainer in the S&P 500, rising 6.3% after posting stronger-than-expected Q3 results. Intel led declines, falling 7% and reversing Tuesday’s gains on reports that the Trump administration may seek equity in chipmakers that receive federal grants under the Biden-era CHIPS Act. Elsewhere...
