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US stocks tick up, energy sinks as AI trade cools

Wall Street's main indexes are modestly positive early on Wednesday, with investors cautiously optimistic that the U.S. and Iran would reach a deal. A fragile truce between Tehran and Washington remained in place despite recent U.S. strikes near the Strait of Hormuz, which Iran called a "gross violation" of the ceasefire agreement.

S&P 500 .SPX sectors are mixed. Consumer discretionary .SPLRCD and consumer staples .SPLRCS, both up more than 1%, are posting the biggest gains. Energy .SPNY, off nearly 2%, is the weakest group. NYMEX Crude Futures CLc1 are losing more than 4%.

Under the surface, transports .DJT and biotech .NBI are showing strength. The U.S. Global Jets ETF JETS.P is rallying more than 3.5%.

Gold/silver miners .XAU and big banks .SPXBK are on the weak side.

And of note, the chip/AI trade is taking a breather. The PHLX Semiconductor Index .SOX is off nearly 1%, while the Global X Robotics and Artificial Intelligence ETF BOTZ.O is down more than 1.5%.

Here is a snapshot of where markets stood around 9:55 a.m. EDT:

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

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