Stocks slip with chip curbs, Powell in focus: Stock market news today

Stocks struggled Wednesday as techs came under pressure from concerns about more curbs on AI chip exports, with Federal Reserve Chair Jerome Powell due to speak.

The Nasdaq Composite (^IXIC) was firmly lower, with a drop of 0.4%. The S&P 500 (^GSPC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) slipped 0.2%.

Nvidia led declines for techs after The Wall Street Journal reported 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 will watch for clues to the Fed’s next moves when Powell joins a panel of peers at an ECB forum on Wednesday morning.

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