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Stocks were mixed Wednesday after Federal Reserve Chair Jerome Powell said consecutive interest-rate hikes are on the table and as techs came under pressure from concerns about more curbs on AI chip exports.
Tech stocks gave the Nasdaq Composite (^IXIC) a lift, up 0.4%. The S&P 500 (^GSPC) edged higher above the flatline, while the Dow Jones Industrial Average (^DJI) was down about 0.2% after Powell’s comments.
Nvidia and other AI stocks declined after reports that the Commerce Department is considering putting more restrictions on AI chip sales to China.
A clutch of robust economic data helped power a stock rally on Tuesday that marked a comeback from a losing streak and kept the major benchmarks on track to close the first half of 2023 with an unexpectedly strong performance.
Given the signs of a resilient US economy, investors are watching Powell’s comments closely for clues to the Fed’s next moves.
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