Wall Street’s record run stumbles as oil jumps and AI chip stocks slide

Key Points:

• Wall Street saw a pullback in technology stocks, with the S&P 500 falling 0.2% from its record high, the Nasdaq down 0.7%, while the Dow Jones edged up 0.1%, as chipmakers and AI-driven stocks experienced sharp declines.
• Concerns over government redistribution of AI profits in South Korea and rising oil prices amid the ongoing Iran conflict contributed to market jitters, with Brent crude oil prices jumping 3.4% to $107.77 per barrel.
• Inflation in the U.S. worsened more than expected in April, partly due to higher crude oil prices, tariffs, and bad weather, leading Treasury yields to rise and increasing speculation that the Federal Reserve may maintain or even raise interest rates later this year.
• Despite market uncertainties, some companies like Zebra Technologies reported stronger-than-expected earnings, while others like Under Armour and GameStop faced declines due to disappointing results or rejected buyout offers.
• Global markets were mixed, with significant losses in South Korea, Germany, and France, while Japan's Nikkei 225 gained slightly, reflecting uneven investor sentiment amid geopolitical and economic concerns.