STOCKS | US Stocks End Slightly Lower as Chipmakers Slide; Meta Jumps 8.8%

US stocks finished slightly lower on Wednesday as technology shares fell, while gains in Meta Platforms helped limit declines in the S&P 500 and Nasdaq, according to RTHK. Chipmakers were among the biggest drags, with an index of semiconductors ending 6.3% lower, and technology leading declines among S&P 500 sectors. Some market participants cited concerns about lofty valuations and heavy AI spending by tech companies. Meta shares rallied 8.8% after Bloomberg News reported the company is building a cloud business to sell excess AI computing capacity. Federal Reserve Chair Kevin Warsh also said inflation risks had eased recently. The Dow Jones Industrial Average fell 13 points, or 0.03%, to 52,305. The S&P 500 lost 16 points, or 0.2%, to 7,483, and the Nasdaq Composite dropped 173 points, or 0.7%, to 26,040. Warsh said he would stick firmly to the US central bank's 2% inflation target and would "disappoint" anyone expecting loose monetary policy despite U.S. President Donald Trump's call for interest rate cuts. Traders slightly pared rate-hike expectations during his remarks but still expect at least one hike this year, according to LSEG data. Investors also digested Institute for Supply Management data showing US manufacturing activity slowed in June but remained solid. Alcoa shares fell 8.9% after Australia's South32 agreed to sell most of its aluminium assets to Alcoa. The key monthly US jobs report is due out on Thursday, with the market closed on Friday ahead of the Fourth of July holiday.