US Stock Market Today: S&P 500 & NASDAQ Slide as AMD Outlook Disappoints and AI Risk Concerns Grow

US stocks turned lower as of late morning in New York, with losses concentrated in technology-linked groups. The S&P 500 fell 0.3% as of 11:02 a.m. New York time, while the NASDAQ 100 dropped 1.4%. The Dow Jones Industrial Average rose 0.6% as gains in other sectors offset the tech pullback.

Chip shares led declines. The Philadelphia Stock Exchange Semiconductor Index sank 3.8%, and AMD fell 15% after the company’s sales forecast failed to meet elevated expectations. The Bloomberg Magnificent 7 Total Return Index slid 1.2%, underscoring pressure on megacap tech.

Software stayed under strain as investors reassessed business risk from rapidly improving artificial intelligence tools. The iShares Expanded Tech-Software Sector ETF fell 2% in the market moves cited, extending a downshift tied to the AI-driven selloff in software firms.

AMD Earnings Reaction Deepens AI Trade Split Across Tech

Traders focused on AMD after its earnings report and forecast triggered a sharp selloff. The reaction reflected concern that the company is not making the AI inroads some investors expected. The move hit sentiment across semiconductors, where positioning has been crowded during the AI buildout.

Volatility stayed elevated but contained. The Cboe VIX Index hovered near 18.48, reflecting continued caution without a broad panic. Still, the tech slide remained influential because large-cap growth shares carry heavy index weight.

Strategists framed the moment as a repricing rather than an abandonment of AI. Charu Chanana, chief investment strategist at Saxo, said “AI is not being abandoned by markets,” but “it is being priced more carefully.”

Treasury Yields Edge Higher as Shutdown Limits Fresh US Data

Bond yields moved modestly as traders parsed limited fresh US government releases during a partial shutdown. The 10-year Treasury yield rose one basis point to 4.28%, while the 2-year Treasury yield held near 3.57%. The 30-year Treasury yield added two basis points to 4.91%, leaving the curve’s long end slightly higher on the day.

Commodities sent mixed signals. West Texas Intermediate crude was little changed. Spot gold fell 0.8% to $4,907.79 an ounce, even as dip-buying followed volatile trading around the $5,000 level.

Corporate highlights

• NVIDIA Corp. neared a deal to invest $20 billion in OpenAI as part of a funding round.

• Amazon.com Inc. rolled out an upgraded Alexa in the US, offering an AI-enhanced version to paying Prime customers and a free version for everyone else.

• Texas Instruments Inc. agreed to buy Silicon Laboratories Inc. for about $7.5 billion.

• Adobe Inc. increased brand advertising in 2025, spending $1.4 billion.

• The owner of the NASDAQ 100 Index proposed speeding up inclusion of newly listed large-cap firms in the benchmark.

• The New York Times Co. stock fell after quarterly results, with investor focus on higher spending.

• Chipotle Mexican Grill Inc. set a full-year sales target that missed expectations.

• Uber Technologies Inc. issued a mixed forecast and named a new chief financial officer, signaling continued investment in driverless-vehicle efforts.

• Ford Motor Co. held discussions with Zhejiang Geely Holding Group Co. about sharing manufacturing capacity in Europe.

• Prudential Financial Inc. said it would suspend new life insurance sales in Japan for 90 days.

• Boston Scientific Corp. dropped after giving a 2026 profit and sales growth outlook that fell short of expectations.

• Eli Lilly & Co. stock jumped after issuing an upbeat sales forecast for the year.

What to Watch Next

The market focus now shifts to more big-tech earnings in the coming sessions, with investors looking for guidance that clarifies AI spending and demand trends. Traders also continue to track how quickly the selling in software and chips stabilizes as the rotation broadens beyond megacap technology.

Also Read: US Stock Market Today: S&P 500 Slips as Shutdown Delays Jobs Data and Earnings Drive Trading