Traders work on the floor of the New York Stock Exchange.
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of S&P500 Stocks fell on Tuesday as a selloff in tech stocks that began in the previous session gained momentum overnight, with global markets in Asia falling on a decline in memory chip stocks.
While the overall market index fell 1%, Nasdaq Composite It fell 1.5%. of Dow Jones Industrial Average It traded near the flatline.
Major average stock prices have come off their lows as high-tech stocks other than semiconductor manufacturers. microsoft and Amazon As well as defensive stocks like walmart, procter and gamble and johnson & johnson Moved higher. moreover, international office equipment The stock jumped 4% after JPMorgan was upgraded to overweight, while sherwin williams and Merck We also made a profit.
The tech-heavy Nasdaq fell 1.3% in Monday trading. alphabet mainly. After that, sales accelerated worldwide along with sales in South Korea. Kospi Leading regional losses. SK Hynix, a major memory chip company that has been leading the speculative AI craze in the country, closed its trading by more than 12%. South Korea’s stock index, up 95% this year, is down almost 10%, and Japan’s Nikkei stock average fell 3.55%, snapping eight sessions of gains.
usa trade micron technology Memory chip makers followed suit, dropping 9%. sandisk Parts manufacturers fell 12% seagate technology also decreased by more than 6%. intel I got 3% back, but advanced micro device and Qualcomm They lost 5% and 10% respectively.
of State Street Technology Select Sector SPDR ETF (XLK) It fell 3%. of VanEck Semiconductor ETF (SMH) It fell 6%. meanwhile, space x It rose more than 4%.
Alphabet continued its decline, dropping more than 1% after falling 5% on Monday on concerns about the departure of the company’s high-profile AI talent.
“It’s the selling that will benefit from AI, and I don’t think the prices are high, but it’s crowded,” Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, said Monday on CNBC’s “Squawk Box.” “This captures something of the zeitgeist of momentum traders, and when that happens, you’re going to see a sharp selloff like the one we’re experiencing. I would argue that’s healthy.”
European stocks also fell sharply on Tuesday, with stocks across Europe plummeting. Stocks 600 It closed at about 0.6%.
The Stoxx 600 Technology Index fell 3%, leading the regional decline. Dutch semiconductor manufacturing equipment manufacturer ASMI Semiconductor maker STMicroelectronics was one of the biggest losers on the Stoxx 600 index.
Recent IPOs cerebrum Micron will report its results after the close of trading on Wednesday, while Micron will report its results after the bell on Tuesday.
