Stock market today: Big tech stocks dive again to halt Wall Street's record-setting rally

NEW YORK — Wall Street’s record-breaking rally ran into a wall, as worries about potentially worsening trade tensions with China hit stocks of chip companies. That dragged indexes to their worst day in months on Wednesday, but conditions were less discouraging underneath the surface. The S&P 500 dropped 1.4%. The Nasdaq composite slumped 2.8%, its worst day since 2022, weighed by losses for Nvidia, Apple and other heavyweights.

The mix offers a continuation of a recent trend that market watchers have called encouraging, one where more stocks are rising rather than just a handful of overpowering elites. The smaller stocks in the Russell 2000 are coming off a big five-day winning streak on hopes that interest rates are about to get easier and the U.S. economy will avoid a recession, though the index fell 0.8% Wednesday to give back some of those gains.

Another major chip company, Taiwan Semiconductor Manufacturing Co., sank after former President Donald Trump criticized the self-governed island claimed by Beijing, which the U.S. is obligated by treaty to defend if it is attacked. “Markets cannot continue indefinitely higher on the backs of just a handful of stocks,” said JJ Kinahan, CEO of IG North America.

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