US-listed shares of Arm Holdings tumbled as worries about the company’s ability to secure sufficient supplies for its new AI chip overshadowed a strong earnings forecast.
Intel and Advanced Micro Devices both declined about 3 percent, giving back some of their gains from earlier this week.
The United States and Iran were edging toward a temporary agreement to halt their war, sources and officials said, with Tehran reviewing a proposal that would stop the fighting but leave the most contentious issues unresolved.
“You can have a string of days like this, and that’s not going to take away from the fact that this has been a rip-roaring quarter of recovery, driven by fundamentals,” said Mike Dickson, head of portfolio management at Horizon Investments in Charlotte, North Carolina.
Brent crude futures settled down 1.2 percent at US$100.06 a barrel, while US West Texas Intermediate crude futures settled down 0.3 percent at US$94.81. Both benchmarks had earlier declined by as much as US$5 a barrel.
Nvidia and Microsoft both climbed almost 2 percent, underscoring investor confidence in Wall Street’s heavyweight AI companies.
The S&P 500 declined 0.4 percent to end the session at 7,337 points. The Nasdaq declined 0.1 percent to 25,806, while the Dow Jones Industrial Average declined 0.6 percent to 49,596.
Volume on US exchanges was heavy, with 18.3 billion shares traded, compared to an average of 17.5 billion shares over the previous 20 sessions.
Data showed the number of Americans filing claims for unemployment benefits rose less than expected last week.
After a strong private payrolls report on Wednesday, investors are awaiting more comprehensive nonfarm payrolls data on Friday, with jobs seen increasing by 62,000 in April after rebounding 178,000 in March, according to a Reuters poll of economists. (Reuters)
