Energy stocks outperformed other sectors, gaining more than 2.5%, while technology and consumer discretionary stocks were the lone decliners among the 11 S&P 500 sector indexes. This comes as investors rotated out of AI-related stocks and added some of this year's laggards.
Technology and consumer discretionary stocks were the main decliners in the S&P 500.
Nvidia's stock price dropped by over 6.5% due to investors taking profits after a sharp increase in the stock's value, fueled by its involvement in artificial intelligence. Additionally, Citigroup analyst Atif Malik reiterated his buy recommendation but pointed out some potential areas of vulnerability for the company's business, causing concern among investors.