The S&P 500 and Nasdaq Composite reversed earlier gains on Wednesday as renewed selling across technology and semiconductor stocks pushed both indexes lower in afternoon trading.
The Nasdaq fell nearly 100 points, while the S&P 500 slipped as investors continued reducing exposure to some of the market’s strongest AI and chip names.
Micron Technology remained at the center of the volatility ahead of its earnings report after the closing bell.
The memory chipmaker fell about 3% during Wednesday’s session. That followed a much steeper 13% decline on Tuesday as investors cut positions before the report despite expectations for strong revenue growth and guidance.
The broader semiconductor trade also remained under pressure. Concerns over valuations, AI infrastructure spending, and the amount of future growth already reflected in share prices have made chip stocks increasingly sensitive to earnings and guidance.
