Chip stocks were in focus on the worries that the U.S. may impose more exports restrictions to China including a ban on sale of AI chips. 

Nvidia Corp declined 2.2% to $409.98, AMD dropped 1.6% to $108.57 and Intel Corporation fell 2.5% to $33.23. 

General Mills Inc declined 4.4% to $77.16 after the food company reported weaker than expected quarterly results. 

Net sales in the fiscal fourth quarter ending in May increased 3% to $5.03 billion and sales rose on organic basis 5%. 

Net earnings in the quarter declined 25% to $615 million from $822.8 million and diluted earnings per share fell to $1.04 from $1.36 a year ago. 

For the full-year revenue increased to $20 billion from $19 billion and net income edged lower to $2.6 billion from $2.7 billion and diluted earnings per share to $4.31 from $4.42 a year ago. 

In the year, the company hiked dividend per share to $2.16 from $2.04 in the previous year.  

The company forecasted fiscal 2024 organic sales to increase between 3% and 4% and adjusted operating profit to increase between 4% and 6% from the base of $3.5 billion reported in fiscal 2023. 

The company guided adjusted diluted EPS to increase 4% to 6% in constant currency from the base of $4.30 in fiscal 2023 and free cash flow conversion is expected to be at least 95% of adjusted after-tax earnings.  

AeroVironment, Inc jumped 5.4% to $95.20 after the military drone maker reported better-than-expected quarterly results and forecasted higher-than-expected full-year revenue. 

Revenue in the fiscal fourth quarter increased 40% to $186.0 million from $132.6 million and the company swung to a net loss of $160.5 million from a profit of $7.3 million and diluted earnings per share was ($6.31) from 29 cents a year ago. 

At the end of April, funded backlog increased to $424.1 million from $210.8 million a year ago. 

For fiscal year 2024, the company expects revenue between $630 million and $660 million, net income of between $50 and $58 million. 

The company estimated non-GAAP adjusted EBITDA of between $110 million and $120 million, earnings per diluted share of between $1.91 and $2.21. 

Non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.30 and $2.60.