The US markets ended lower on Wednesday amid continued concerns over equity overvaluation following Federal Reserve Chair Jerome Powell’s comments saying equity prices are fairly highly valued. Besides, weakness in big AI companies owed to uncertainty about the near-term outlook for the artificial intelligence has weighed on trading sentiments. The AI darling and market leader Nvidia slid by 0.9 percent after tumbling by 2.8 percent, while fellow AI player Oracle slumped by 1.7 percent.
On the sectoral front, significant weakness emerged among gold stocks amid a pullback by the price of the precious metal, resulting in a 2.2 percent slump by the NYSE Arca Gold Bugs Index. Further, airline stocks came under pressure as the day progressed, dragging the NYSE Arca Airline Index down by 1.6 percent.
Dow Jones Industrial Average slid 171.50 points or 0.37 percent at 46,121.28, S&P 500 dipped 18.95 points or 0.28 percent to 6,637.97 and Nasdaq fell 75.62 points or 0.34 percent to 22,497.86.
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