Tech stocks fall ahead of US inflation reading

Stocks pushed lower, with chipmakers leading losses in the S&P 500 and the Nasdaq 100 dropping 1%.

A slide in big tech and higher energy prices weighed on Wall Street ahead of key US inflation data that will help shape up the outlook for the Federal Reserve’s next steps.

Stocks pushed lower, with chipmakers leading losses in the S&P 500 and the Nasdaq 100 dropping 1%. Nvidia shares, which have more than tripled this year amid the artificial intelligence frenzy, slipped 4%. Megacaps Tesla, Amazon, and Meta Platforms were all down. A surge in European wholesale gas prices and an advance in the global price of crude oil added to concern about further price pressures.