The Dow and the S&P 500 index slipped in choppy trading on Wednesday, pulled lower by shares of Intel after a bearish brokerage report, while the Nasdaq was propped up by gains in Tesla and Apple.
Eight of the 11 major S&P sectors were lower, with Intel (-3.8%) the biggest drag on the blue-chip and benchmark indexes.
The energy sector was among the gainers, as Brent crude hovered near $122 a barrel.
The sector has soared 65% this year and is on track for a bumper in 2022.
Altria (MO.N) slid 6.7% after a report that Morgan Stanley cut the tobacco company’s stock to “underweight” on competition concerns.
The S&P 500 index has climbed 9% since May 20 after falling as much as 20.05% so far this year.
The blue-chip Dow (.DJI)is down 9% and the tech-heavy Nasdaq (.IXIC) has shed 22%. The CBOE volatility index (.VIX) was the last trading at 24.20 points, above its long-term average of about 20 points.