Stock Market Is Having a Nasty Day

Wall Street hit the brakes Tuesday as the chip frenzy that helped power this year's rally sputtered again, reports CNBC. The tech-centric Nasdaq had cratered more than 3%, roughly 770 points, by midday, while the benchmark S&P 500 (down 1.7%) and the Dow (down 0.7%) weren't in much better shape. Despite a rally on Monday, semiconductor names led the retreat, notes the Wall Street Journal: the iShares Semiconductor ETF dropped 5%, Micron fell more than 6%, and Broadcom dropped nearly 5% as worries grew that the AI-fueled run in chip stocks has overshot. Earlier in the session, falling oil prices had supported stocks. Brent crude was down to about $90 a barrel.