Wall Street falls as Amazon, chipmakers weigh; Dow falls over 200 pts

Chip stocks tumble after Citi sounds alarm on Intel; the energy sector was among the few gainers with a rise of 0.8%, thanks to a jump in Brent crude prices to above $123 a barrel

U.S. stock indexes fell on Wednesday as Amazon.com declined and chipmakers came under pressure after a bearish brokerage report on Intel, while higher oil prices deepened worries about global inflation.

Nine of the 11 major S&P sectors were trading lower, with economy-sensitive materials and financials falling 1.6% each. Banks shed 1.9%.
 

Intel Corp slid 5% as Citi Research warned the chipmaker could pre-announce weaker-than-expected earnings for the second quarter. The Philadelphia Semiconductor SE index lost 2.5%.

Shares of Microsoft Corp and Amazon.com dipped 0.5% and 1.3%, respectively, as rate-sensitive growth stocks took a hit from elevated Treasury yields.
 

The energy sector was