Tech Stocks Drag on S&P 500 as Nvidia, Intel Slide; Wells Fargo Rallies
Semiconductor stocks led declines in the S&P 500 Tuesday as trade tensions and competitive pressures rattled the tech sector. Nvidia shares tumbled 4% amid growing concerns over U.S.-China trade policies, while Intel dropped following a Bank of America downgrade citing overexuberance about its AI deals.
The tech selloff dragged the Nasdaq down 0.8%, contrasting with a 0.4% gain for the Dow. Arista Networks plunged nearly 6% after Nvidia announced competing data center partnerships, highlighting intensifying competition in AI infrastructure.
Wells Fargo bucked the trend, surging after posting stronger-than-expected profits. The divergence underscores shifting investor priorities as macroeconomic uncertainties weigh on growth stocks while financials benefit from favorable rate conditions.
