US stocks: US market ends lower as tech stocks weigh on sentiment

US stocks closed lower as tech shares weighed on sentiment, with the PHLX chip index tumbling amid renewed volatility among AI-related chipmakers. Concerns grew over the profitability timeline for massive AI data center spending, while US inflation rose above 4% in May driven by energy prices linked to Iran tensions, keeping a possible Fed rate hike on the table. Apple raised iPad and MacBook prices citing soaring memory chip costs, and ON Semiconductor dropped after announcing a $7 billion all-stock deal to acquire Synaptics.