US stock market today: Most Wall Street indices traded higher on Tuesday, although semiconductor stocks continued to face heavy selling across global markets. Oil prices also extended their decline after retreating from the two-month highs reached last week.In early trading, the S&P 500 was little changed, masking significant divergence across sectors. The Dow Jones Industrial Average gained 385 points, or 0.7%, while the Nasdaq Composite slipped over 1%, according to an AP report.Broader market sentiment remained supported by another round of stronger-than-expected corporate earnings. Coca-Cola advanced 5.8% after reporting a 7% increase in revenue, despite what Chief Executive Officer Henrique Braun described as “a dynamic consumer landscape.”Sherwin-Williams climbed 7% and Illinois Tool Works added 3.7% after both companies posted quarterly profits that exceeded analysts’ expectations. Over the longer term, stock prices tend to track corporate earnings, and expectations have remained elevated as US equities continue to trade close to record highs.Those lofty expectations have placed particular pressure on semiconductor companies and other firms that have been among the biggest beneficiaries of the artificial intelligence boom.Micron Technology, for instance, has seen its share price more than triple this year following exceptionally strong growth. During the quarter ended May 28, the company reported revenue that was more than four times higher than a year earlier.However, investors are increasingly questioning whether such rapid expansion can be sustained. Concerns have emerged that major spending on memory chips could slow if artificial intelligence fails to deliver the expected gains in profitability or productivity. At the same time, lower-cost AI models emerging from China could reduce demand for memory chips and conventional computing power.Micron’s shares fell 8.4%, making it the biggest drag on the S&P 500. Advanced Micro Devices (AMD) declined 7.7%, while Nvidia lost 1.1%, adding to the weakness in the technology sector.The selloff was even more pronounced in overseas markets earlier in the day. Sharp declines in SK Hynix and Samsung Electronics pulled South Korea’s KOSPI index down 10.8%, with losses severe enough to trigger temporary trading halts in Seoul.“We believe the market was likely spooked by the progress of China’s chipmaking equipment capabilities, and was worried that this progress would threaten the competitive position of global chipmaking and chip equipment leaders,” said equity analyst Jing Jie Yu of Morningstar.“That said, we believe the sell-off today is largely a knee-jerk reaction and overdone,” he said, adding that the leadership position of the world’s major chipmakers is unlikely to face any meaningful threat.In the commodities market, Brent crude for October delivery fell 2.2% to $83.97 a barrel. Just last week, the September contract had briefly surged to as high as $102 per barrel amid concerns that the conflict in the Middle East could disrupt global crude supplies.The decline in oil prices also supported the bond market. The yield on the benchmark 10-year US Treasury note eased to 4.62% from 4.65% at Monday’s close.
