Investors locked in profits from chipmaker stocks, causing S&P 500 and Nasdaq to dip slightly.

From Nasdaq:

The S&P 500 and Nasdaq dipped as investors locked in profits from chipmaker stocks. Semiconductor index fell 2.5%, while Nvidia shares dropped 1.1%. Intel shares tumbled 4.4% after news that the Pentagon withdrew a $2.5 billion chip grant plan. February U.S. producer price data is awaited to gauge inflation trend ahead of the Fed meeting.

Investors are anticipating Nvidia’s global GTC developer conference on AI for potential announcements. The Dow Jones rose slightly, while the S&P 500 and Nasdaq declined. Despite slightly higher-than-expected consumer price data, hopes for rate cuts remain. McDonald’s shares slid 3.9% due to CFO’s warning about international sales in the current quarter. U.S. retail sales data to be released Thursday.



Read more at Nasdaq: US STOCKS-Wall Street ends mostly lower as chipmakers ease; inflation data ahead