More swings for AI stocks drag Wall Street back on the roller coaster

More swings for AI stocks drag Wall Street back on the roller coaster. The session featured a volatile swing for major indexes as investors rotated between AI beneficiaries and profit-taking, with the S&P 500 slipping 0.3% after briefly rising about 1% and then tumbling to a midday loss near 2.3%. The Dow managed a modest gain of 106 points (0.2%), while the Nasdaq composite traded about 1% lower as chipmakers and memory companies reversed course from morning gains. Micron swung from +4.2% to −4.3% intraday, amplifying concerns that enthusiasm for AI has cooled. OpenAI disclosed confidential IPO paperwork, highlighting a race among AI players to go public in the United States, while SpaceX could launch an IPO later in the week. Brent crude fell about 3% to $91.45 a barrel, offsetting some gains from easing energy prices and supporting a weaker tone for growth stocks. Treasuries yielded 10-year notes at 4.53%, down from 4.56% but still elevated versus prewar levels, reflecting cautious sentiment ahead of inflation data due this week. Traders expect the Federal Reserve to lift rates at least once by year end given stubborn inflation.