NEW YORK (AP) — More drops for AI chip stocks are dragging the U.S. market lower, even as much of Wall Street rises following strong profit reports from AppLovin, Tapestry and other companies. The S&P 500 fell 1.8% Thursday and erased all of its gain from the prior day, which was its best in three months. The Dow Jones Industrial Average dropped 403 points, and the Nasdaq composite fell 3%. AI-related stocks worldwide felt pressure from worries that Tuesday’s U.S. elections could mean moratoriums for data centers in some areas, and South Korea’s Kospi index tumbled 5.3%. In other markets, though, the initial knee-jerk reaction to the midterms faded. Oil prices recovered some of their sharp slides.