Stocks ended down again today and for once you couldn’t blame higher interest rates. Treasury yields mostly declined today. The S&P 500 dropped for 1/4 consecutive session on Wednesday, LED down by chip stocks like NVIDIA. The S&P was down oh .6%, the Dow industrials down oh point 1% and the tech heavy NASDAQ was down 1.2%. Semiconductors were hit pretty hard today. Micron, AMD, Broadcom, NVIDIA, they were all down. 3 to 5%. You know, you’d think with four consecutive down days, volume would be on the heavier side, but it wasn’t. It’s not like investors are selling like crazy trying to get out of the stock market. There’s just no buying enthusiasm because of concerns that rates are going to stay higher for longer. The good news is that the economy is still strong and earnings estimates are still strong as well. But investors just are not willing to pay as much for stocks as they did just a few weeks ago. For CNBC Business News, I’m Bob Pisani at the New York Stock Exchange.
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