Nasdaq leads declines as chip stocks tumble
SPY•The Nasdaq fell about 1.5% early Thursday, while the S&P 500 was down about 0.8% and the Dow slipped. Semiconductor shares dropped more than 3% as investors weighed mega-cap tech earnings and concerns about AI spending.
1. Nasdaq leads losses
Wall Street’s main indexes were under pressure early Thursday. The Nasdaq Composite fell around 1.5%, the S&P 500 declined about 0.8%, and the Dow slipped. The Philadelphia Semiconductor Index dropped more than 3%, extending a recent slide in chip stocks.
2. Sector and market moves
Communication services led S&P 500 sector declines, down more than 2%, while consumer staples rose more than 1%. The U.S. 10-year Treasury yield slid to around 5.03%, and crude oil rose about 2%; gold fell about 2%. Apple was on pace for a record closing high, while the healthcare sector and S&P 500 Value Index were on track for record closes.
