23.09.202614:06:02UTC+00US Stocks Fall Pull Back

US stock indices declined on Wednesday as the recent tech rally paused and robust economic data pushed Treasury yields higher. The Nasdaq 100 slipped 0.5% from its record peak, while the S&P 500 and Dow each fell 0.3%. Fresh PMI figures from S&P Global showed a surge in new orders and the fastest input and output price inflation in several years, reinforcing hawkish commentary from FOMC officials and bolstering expectations that the Federal Reserve may deliver another rate hike this year. Credit-sensitive AI hyperscalers, which are in the midst of record debt issuance, pulled back, with Alphabet and Amazon both dropping more than 2%. Semiconductor stocks also declined as investors took profits following this week’s sharp gains driven by renewed enthusiasm for AI plays after positive early feedback on Meta’s Muse agent. Broadcom, Micron, Intel, and Lam Research fell between 1% and 2%. In contrast, oil producers and refiners advanced amid reports that the energy industry has lobbied against President Trump’s proposal to halt diesel exports in an effort to rein in prices.