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US stocks extended losses on Wednesday as renewed weakness in chipmakers weighed on the market ahead of major tech earnings and the Federal Reserve’s policy decision. The S&P 500 fell 0.8%, the Nasdaq 100 declined 1%, and the Dow Jones Industrial Average dropped 800 points.
Microsoft and Meta slipped 0.5% each ahead of their post-market earnings releases, which are being closely watched as key indicators of AI infrastructure spending. Concerns that AI-related capital expenditure has been overextended have recently pressured the “Magnificent Seven” megacap stocks and sparked a pullback in semiconductor names, paring their gains from late last quarter. Micron, Applied Materials, and SanDisk slid between 4% and 8% following downbeat results from SK Hynix.
The Fed is widely expected to leave interest rates unchanged, though some dissent in favor of a hike is possible amid signs of a more divided FOMC. The Dow also came under pressure from a jump in oil prices after renewed clashes between Iran and the US, heightening inflation concerns. Bucking the broader trend, Visa rose 1% after reporting revenue growth last quarter.
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