The Dow Jones started the day higher — but fell later — as investors grew cautious through Wednesday. The biggest jolt came from the tech and AI sectors, as major stocks were down on Wednesday afternoon. The crypto market also felt the turbulence as the big Bitcoin ‘halving’ event approaches. Bitcoin dipped below $60,000, and Ether couldn’t cross the $3,000 mark by the end of the day.
The Dow Jones Industrial Average was up 0.1% to 37,757. The S&P 500 and the tech-heavy Nasdaq Composite dipped slightly, with 0.5% and 1%, respectively.
Tech and AI stocks are struggling
The biggest fall was seen in the tech sector, with chip stocks dropping after Dutch company ASML reported below-expected first-quarter orders. By late afternoon, Meta dipped 0.9% to $495, Tesla shed 0.6% to $156, and Amazon was down 1.1% to $181.
AI star stock Nvidia was hit hard with a 3.2% loss to $846, and Micron Technology dropped nearly 4% to $117. Super Micro Computer, which rallied yesterday after analysts’ predictions, was struggling today with a 1.3% loss, trading around $962 in the late afternoon.
Energy stocks are hot right now
Investors have overlooked the energy sector for quite some time, but today, three energy stocks made the top performers list. Consolidated Edison, an energy delivery company, rose 3.4% to $90; NextEra Energy, an electric power and energy infrastructure company, was up 3.1% to $63; and First Solar, a solar technology company, moved up 3% to $178.
Airline stocks fly high
United Airlines stock rose over 17.7% to $48 in late afternoon after a strong earnings report. In its first-quarter report, the airline reported a heavy demand for travel and a rebound in business travel.
Other airline stocks moved up with United Airlines. American Airlines shares were up 6.9%, Delta Air Lines shares were up 3.3%, and Southwest Airlines shares were up 2.8%.
The surge in the stock comes a day after the Biden administration announced it was enforcing consumer protection laws on airline travelers with the help of officials in 15 states.
Trump Media jumps over 14% after days of decline
Trump Media stock was finally up after a series of downtrends. In the late afternoon, the stock was trading nearly 14% to $26.
Trump Media & Technology Group, the company behind former President Donald Trump’s social media platform Truth Social, was in the news today because BF Borgers, the firm responsible for auditing Trump Media & Technology Group was labeled as “so seriously deficient in its performance” that it was removed from a national peer review program.
Bitcoin is nervous as ‘halving’ is approaching
Bitcoin is getting jittery before the big ‘halving’ event scheduled for Friday. The top cryptocurrency fell to $59,900 on Wednesday for the first time since early March, almost 17% below its all-time high.
Many of the other major cryptocurrencies also dropped Wednesday, including the second-largest, Ether, which has gone below $3,000, according to crypto tracking website CoinMarketCap.
–Rocio Fabbro and Francisco Velasquez contributed to this article