Wall Street weakens as technology stocks drag indexes lower

Wall Street weakened as technology stocks dragged major U.S. indexes lower, extending recent volatility driven by AI-linked names. On Wednesday, the S&P 500 fell 0.6% and was on track for its eighth decline in 11 days, while the Dow Jones dropped 249 points, or 0.5%, and the Nasdaq composite slid 0.9% by 9:35 a.m. Eastern. The heaviest declines came from earlier AI euphoria beneficiaries, including Nvidia (-3.2%), Micron Technology (-7.5%) and Applied Materials (-8%). Even as more stocks in the S&P 500 rose, the index fell due to the market influence of big tech. Pressure also reflected rising bond yields, with the 10-year Treasury at 4.48% after 4.44% late Tuesday. Elsewhere, General Mills rose 6.2% after results and a $3 billion cost-cut plan, while Kroger fell 1.3% after agreeing to buy Giant Eagle for $1.25 billion.