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The S&P 500 and NASDAQ Composite fell Wednesday after mixed quarterly figures from Alphabet and chipmaker AMD led the tech sector lower. A decline in Apple also put pressure on the major indexes.
Shares in the Dow Jones Industrials shed 53.58 points to 44,502.47.
The much-broader index dipped 19.77 points to 6,018.11
The tech-heavy NASDAQ fell 142.14 points to 19,511.87.
Alphabet shares tumbled 8% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap tech company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short.
AMD shares were also lower by 10% after the company’s fourth-quarter data center revenue came up short of expectations.
Experts pointed to other AI-related names like Nvidia, whose price rose 4%, and Vistra, up more than 1%.
Elsewhere, Apple dropped 1% after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company’s App Store fees and policies.
This comes amid heightened trade tensions between China and the U.S. Over the weekend, the U.S. unveiled a 10% levy on Chinese imports. China then retaliated with tariffs of up to 15% on U.S. goods.
Prices for the 10-year Treasury climbed sharply, lowering yields to 4.42% from Tuesday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices decreased $1.05 to $71.65 U.S. a barrel.
Prices for gold gained $21.20 an ounce to $2,897 U.S.
