Wall Street retreated Wednesday as weakness in technology and financial stocks dragged major indexes lower, with investors remaining cautious ahead of a closely watched Supreme Court ruling on the legality of President Donald Trump's tariffs.

According to Polymarket, there is only a 35% chance judges will rule in favor of Trump’s tariffs.

The Nasdaq 100 slid more than 1.5% by midday trading in New York, on pace for its worst session in nearly a month. Semiconductors led the selloff, with shares of Broadcom Inc. (NASDAQ:AVGO), Oracle Corp. (NYSE:ORCL) and Nvidia Corp. (NASDAQ:NVDA) down roughly 5%, 4.5% and 2.5%, respectively.

The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average edged 0.5% lower. The CBOE Volatility Index ...