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U.S. stocks were mixed on Wednesday, with the Nasdaq falling sharply as tech faced dual pressure from concerns over U.S. restrictions on exports to China and Donald Trump's stance on Taiwan.
The Dow Jones Industrial Average (DJI) rose about 0.3%. The S&P 500 (GSPC) fell more than 1%, while the tech-heavy Nasdaq Composite (IXIC) fell about 2.3%.
Stocks are falling as concerns about risks to technology stocks eclipse high hopes for lower interest rates that have fueled the rally in recent days. Those concerns weighed on heavyweights whose AI-fueled gains helped propel the S&P 500 to new records this year, with chipmaker Nvidia (NVDA) down about 5%.
The Biden administration has told allies it is considering imposing tighter restrictions on companies that continue to offer advanced chip technology to China despite existing export restrictions, Bloomberg reported. Shares of ASML (ASML, ASML.AS), cited as a potential target, fell more than 10% after the Dutch chip gear maker reported strong quarterly results.
Meanwhile, Republican candidate Trump questioned US military support for Taiwan in an interview with Bloomberg, suggesting the Chinese-claimed island should pay for US protection. Shares of chipmaker TSMC (TSM, 2330.TW) fell more than 5%, having wiped off nearly 30 billion in market value in Taiwan as shares there fell.
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