Stocks drift as Powell stays hawkish, chipmakers sink: Stock market news today

July 1, 2023

Stocks wobbled Wednesday after Federal Reserve Chair Jerome Powell left open the possibility of consecutive interest-rate hikes, while chipmaker stocks sank over long-term impacts on AI chip exports.

Tech gave the Nasdaq Composite (^IXIC) a slight lift, as it finished up 0.27%. The S&P 500 (^GSPC) edged down below the flatline, while the Dow Jones Industrial Average (^DJI) was down about 0.2%.

Nvidia and other AI stocks lost ground after reports that the Commerce Department is considering putting more restrictions on AI chip sales to China.

A clutch of robust economic data helped power a stock rally on Tuesday that marked a comeback from a losing streak and kept the major benchmarks on track to close the first half of 2023 with an unexpectedly strong performance.

Given the signs of a resilient US economy, investors have been watching Powell’s comments closely for clues to the Fed’s next moves.

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