Market Highlights

A selloff in chipmakers dragged down stocks as leaders of artificial-intelligence giants proposed slowing the technology’s development, with elevated oil prices also weighing on sentiment. The rout in powerhouses like Nvidia Corp. and Broadcom Inc. sent a semiconductor gauge down by 5.9%. The Nasdaq 100 fell 0.8%. Bank of America Corp. led losses in financialshares on chief Brian Moynihan’s trading revenue warning. Brent crude topped $105, raising concern about inflation before the Federal Reserve decision. Treasury 10-year yields hovered near 5% Stocks dropped and Treasuries fell across the curve as a rally in oil prices fueled inflation concerns and bolstered bets on a Federal Reserve interest-rate hike. The dollar extended its gains