Chip Stocks Recovered Today and the Major Indexes Fell Anyway

Major stock indexes fell despite chip stocks recovering from Monday's AI-driven selloff. The Dow and Nasdaq Composite each dropped 0.7% while the S&P 500 fell 0.4%. Rising Treasury yields (10-year at 5.041%, highest since July 2007) and elevated oil prices drove market concerns. The Fed is expected to hike rates by a quarter-point on Wednesday, with future rate decisions dependent on energy costs and inflation pressures.