The S&P 500 index fell, reversing gains after Federal Reserve Chairman Powell's speech, and closed down for the second consecutive trading day, dragged down by the sell-off of chip stocks and energy stocks. The S&P 500 and Nasdaq 100 closed down 0.3% and 0.7%, respectively, reversing gains of up to 1% an hour before closing. AMD shares fell 9%, after the chipmaker's predictions for AI processors were disappointing; Super Micro Computer Inc. shares also plummeted 14%; crude oil prices fell by more than 3%, and energy stocks fell. The stock index rose briefly earlier, as the Federal Reserve kept the benchmark interest rate unchanged, and Federal Reserve Chairman Jerome Powell downplayed the possibility that the next step was to raise interest rates. The Federal Reserve also said it would slow down the pace of downsizing starting in June.