The Dow Jones Industrial Average closed down 228 points, the Nasdaq fell 1.8%, with Tesla and Oracle leading the decline with a drop of 5%

After digesting the U.S. economic data, U.S. stocks closed lower across the board on Wednesday. The Dow Jones Industrial Average opened high but fell back, evaporating an early gain of 273 points, ultimately closing down 228 points or 0.5% at 47,885 points; the S&P 500 index also closed down 78 points or 1.2% at 6,721 points, marking four consecutive trading days of decline alongside the Dow. The Nasdaq Composite fell 418 points or 1.8% to close at 22,693 points.

AI stocks faced further selling pressure, with Oracle (ORCL.US) reportedly having an unclear outlook for its Michigan data center plans, causing its stock to drop 5.4%. Broadcom (AVGO.US) also fell 4.5%, and NVIDIA (NVDA.US) declined 3.8%.

Tesla (TSLA.US), which set a new closing high on Tuesday, retraced from its peak, closing down 4.6% for the day. Apple (AAPL.US) and Meta (META.US) both fell about 1%.

The board of Warner Bros. Discovery (WBD.US) rejected Paramount's (PSKY.US) hostile takeover bid, leading to a 5.4% drop in Paramount's stock, while Warner Bros. fell 2.4%, and Netflix (NFLX.US) saw a slight increase of 0.2%