Traders work on the floor of the New York Stock Exchange during morning trading on June 26, 2026 in New York City.
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of Dow Jones Industrial Average Oil prices rebounded from record levels on Tuesday as investors appeared to shift away from stocks related to artificial intelligence again and oil prices rose.
The 30-stock index fell by 130.76 points (0.25%) after hitting an intraday high earlier. In the end, the Dow Jones Industrial Average closed at $52,925.15. of Nasdaq Composite It fell 1.16% to 25,818.69. of S&P500 It fell 0.45% to close at 7,503.85.
shares of micron It closed down 4.7%. KLA, marvel technology, broadcom and AMD Resignations are also posted. of VanEck Semiconductor ETF (SMH) It fell more than 3%.
“Expectations are high, but the fundamentals are struggling to meet this sky-high demand, which is fueling today’s decline,” said Mike Bailey, director of research at FBB Capital Partners. “I expect the rotation we’ve seen to continue.”
Investors moved on to major stocks in other areas of the market, including healthcare, financials and big tech. shares of Eli Lilly It rose by about 3%, but JP Morgan Chase and microsoft We also saw profits. walmart Shares also rose after the company announced price cuts on products such as ground beef and Coca-Cola.
The economic downturn was also exacerbated by a rise in oil prices following Iran’s attack on a Qatari liquefied natural gas tanker near the Strait of Hormuz. international benchmark brent crude oil futures It rose 3% to $74.16 per barrel. us West Texas Intermediate Futures It rose almost 3% to $70.44. Prices rose further after the close after the US revoked a waiver allowing the sale of Iranian crude oil.
The downward pressure on AI trade began in Asia-Pacific markets as South Korea’s Kospi fell nearly 5%, following a nearly 7% decline in memory chip maker Samsung Electronics. The company reported a strong second-quarter profit increase, but concerns about spending and demand overshadowed the increase. european Stocks 600 The index ended down about 0.7%.
“The reaction to Samsung speaks to one of the biggest risks facing the market in the coming weeks. Second-quarter earnings results are likely to be very strong in absolute terms…However, unlike in the first quarter, expectations at this point are Very bullish (and SPX about 1,000 points higher heading into Q1 release), which means the bar has been raised quite a bit,” wrote Vital Knowledge’s Adam Crisafulli.
Also weighing on the market was Reuters reporting, citing sources, that DeepSeek is developing its own AI chip. This move could reduce the company’s dependence on semiconductors. Nvidia And Samsung.
meanwhile, space x It fell more than 6% on Tuesday’s market entry. Nasdaq-100. This decline also occurred despite numerous bullish calls from analysts. A number of Wall Street shops, including Morgan Stanley and Raymond James, began coverage of the stock with positive ratings and price targets.
Bailey said the stock price drop was “indicative of some sort of modest risk-off move” as the company is “trying to become an AI player.”
Correction: A previous version incorrectly stated the movement of the Stoxx 600 index.
