The S&P 500 closed lower on Wednesday, giving back some of the gains from its best single-day performance in weeks. The decline came as weakness in some major technology stocks offset a boost to the energy sector from surging oil prices amid escalating U.S.-Iran tensions.
The benchmark index fell 0.1%, marking its fourth decline in the past five trading sessions. It spent much of the day fluctuating between minor gains and losses.
The tech-heavy Nasdaq 100 index dropped 0.5%, after having been down as much as 0.8% earlier in the session.
An exchange-traded fund (ETF) tracking chipmakers erased its pre-market losses and closed with a 0.44% gain.
NVIDIA Corp shares advanced 2.3%, recovering from earlier declines.
An index tracking the "Magnificent Seven" tech giants fell approximately 1%, with Meta Platforms Inc and Microsoft Corporation leading the losses.
Server manufacturer Super Micro Computer Inc was the best performer in the S&P 500, surging 20% after releasing preliminary financial results.
"The market's optimism about AI remains, but management now has to deliver tangible proof," said Mark Malek, Chief Investment Officer at Siebert Financial. "Future earnings calls will increasingly focus on return on invested capital, rather than just AI ambitions."
Advanced Micro Devices Inc (AMD) shares rose 1.5% following reports that the company could invest up to $5 billion in Anthropic.
Energy stocks were among the top-performing sectors in the S&P 500, rising 1.2%.
Oil prices climbed after both the United States and Iran signaled that a resumption of peace talks in the near term is unlikely.
At the closing bell, key indices stood as follows:
The S&P 500 fell 0.1% to 7,498.96 points.
The Dow Jones Industrial Average was essentially flat at 52,218.58 points.
The Nasdaq Composite Index declined 0.6% to 25,690.9 points.
The Nasdaq 100 Index dropped 0.5% to 28,998.1 points.
The Russell 2000 Index decreased 0.9% to 2,959.938 points.
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