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Tech Stocks Drag Down S&P 500; Nevada Legislator to Investigate Altered OSHA Record; Olympics Underway
Wall Street experienced another day of losses on Wednesday, primarily driven by declining technology stocks, while in Nevada, a state legislator announced plans to investigate the alteration of a public record related to an OSHA inspection of Elon Musk's Boring Company. Meanwhile, the Winter Olympics in Italy are underway, with journalists getting a first look at the Milan Olympic Village.
The S&P 500 fell 0.5%, marking its fifth loss in the last six days, according to Fortune. The Nasdaq composite sank 1.5%. Advanced Micro Devices (AMD) experienced a significant drop of 17.3%, despite reporting stronger-than-expected profits for the latest quarter and providing a positive revenue forecast for early 2026. Despite AMD's positive forecast, investors seemed wary after the stock had doubled over the previous 12 months.
In Nevada, Assemblymember Howard Watts, chairman of a legislative committee, stated in an interview with Fortune that his committee will pursue an independent audit to determine who altered a key public record following a Nevada OSHA inspection of the Boring Company. This announcement follows a November report by Fortune that a document in Nevada OSHA's inspection file was changed after the agency withdrew citations issued to the Boring Company regarding a safety incident at one of its tunneling sites. The matter was discussed during a hearing on Tuesday, where state environment and safety regulators testified before the Nevada Legislature's Interim Standing Committee on Growth and Infrastructure. A senior safety official acknowledged at the hearing that the document was indeed altered.
Meanwhile, NPR reported that the Winter Olympics are underway in Italy. NPR reporter Rachel Treisman was among the journalists who toured the Milan Olympic Village the week of the opening ceremony. "The village is a sprawl of modular buildings and high-rise apartments, with the flags and banners of the countries in residence hanging from [them]," Treisman noted in her "Rachel Goes to the Games" newsletter.
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