Nasdaq leads Wall Street lower as chip stocks tumble, oil rises

4:15pm: Stocks close lower

Wall Street lost momentum on Tuesday, with the Dow, S&P 500 and Nasdaq all closing lower as weakness in chip stocks weighed heavily on sentiment, while oil prices pushed higher and kept energy names in focus.

The Nasdaq led the declines, falling 0.9% to 24,664 as technology shares came under pressure following reports tied to OpenAI that rattled investor confidence across the semiconductor space. The S&P 500 slipped 0.5% to 7,139, while the Dow Jones Industrial Average edged 0.1% lower to 49,142.

Attention now shifts to a fresh round of corporate earnings after Tuesday’s closing bell, with results from Visa, T-Mobile and Starbucks expected to provide the next test for investor sentiment.

3:40pm: Proactive news headlines

• Poolbeg Pharma PLC (AIM:POLB, OTC:POLBF, FRA:POLBF) is entering a pivotal phase as it advances interim data for its lead candidate POLB 001, an oral preventative treatment for cytokine release syndrome in cancer patients undergoing CAR T-cell and bispecific antibody therapies.
• MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF, FRA:0C0) received Georgia approval for its TerraSante organic biofertility product, expanding the commercial footprint of its mustard-based agricultural solution across the southeastern United States.
• M2i Global Inc (OTC:MTWO) moved closer to completing its merger with Volato Group after its super voting preferred shareholder approved the transaction, which will see Volato renamed M2i Global…