US stocks opened lower on Wednesday, pulling back after the Nasdaq Composite closed at a record high a day earlier, as investors rotated out of some of this week’s biggest technology winners.
The Dow Jones Industrial Average fell 148.57 points, or 0.29%, to 51,715.12.
The S&P 500 dropped 0.12% to 7,755.71, while the Nasdaq Composite slipped 0.17% to 27,198.69.
The small-cap Russell 2000 fell a steeper 0.47%.
A pause after a record-setting run
Wednesday’s dip follows a powerful two-day rally.
The Nasdaq Composite closed at an all-time high on Tuesday, while the Nasdaq 100 crossed 30,000 points for the first time on Monday.
The Philadelphia Semiconductor Index has now risen for six straight sessions, and AMD briefly crossed a $1 trillion market capitalisation this week for the first time.
That rally was driven largely by enthusiasm around Meta Platforms’ new AI agent, Muse, which sent Meta shares up more than 11% on Monday, their biggest one-day gain since April 2026, and revived broader appetite for AI-linked stocks including chipmakers Micron, SanDisk and SK Hynix.
Meta gains ahead of Connect, chip stocks mixed
Meta Platforms rose 2%, extending its recent run ahead of its annual Meta Connect developer conference, which begins today and runs through Thursday at the company’s Menlo Park headquarters.
CEO Mark Zuckerberg is scheduled to deliver the keynote address this afternoon.
Wells Fargo has said investor focus at the event will centre on usage metrics for Muse and updates on Meta’s newest AI models, while Citi has Meta on a 90-day upside catalyst watch tied to the event, with an $800 price target.
Tesla rose 1.46% at the open.
Chip stocks were mixed: Micron and SanDisk fell, both consolidating after sharp gains earlier this week, while Nvidia dipped 0.29% and AMD fell 0.35%, pulling back slightly after their own recent record-setting moves.
Intel was the session’s weakest major mover, falling 2%, giving back some of its 12% gain from earlier in the week. Apple was little changed, down 0.03%.
Yields and oil gains
Treasury yields increased on Wednesday, with the 2-year note inched up to 4.84% and the 10-year breached the 5% mark again.
Oil also gained, with Brent crude trading near $100 and WTI was up 1% near $91, despite diplomatic signals around ending the US-Iran conflict continuing to build following President Trump’s UN General Assembly remarks this week.
President Donald Trump said Tuesday that US and Iranian officials held a three-hour meeting on the sidelines of the annual United Nations General Assembly in New York, describing the talks as a “very good meeting.”
Earlier in the day, during his address to the UN, Trump said he faced a “big decision” over whether to reach a deal with Tehran or “annihilate” the country.
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