LIVE MARKETS — Cash in your chips: Semiconductor selloff drags Nasdaq, S&P 500 to weekly losses
Dow dips, S&P 500 ends off 1.1%; Nasdaq tanks 2.2% Tech weakest S&P 500 sector; energy leads gainers Dollar, gold, bitcoin decline; US crude gains >3% US 10-year Treasury yield flat at ~5.09% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at Cash In Your Chips: Semiconductor Selloff Drags Nasdaq, S&p 500 To Weekly Losses Wall Street ended lower on Friday, with earlier weakness gathering downward momentum as the session progressed. Blame it on the chip dip. All three major US stock indexes closed lower, with the tech-loaded Nasdaq suffering the steepest percentage drop. The S&P 500 and the Nasdaq posted weekly losses, while the Dow ended higher than last Friday's close. The Philadelphia SE semiconductor index, the erstwhile king of the hill and proxy AI indicator, tumbled 11.4% on the week, closing 23.9% below its record high reached on June 22. The SOX's eight-day selloff marks its longest losing streak since the financial crisis. Even so, the index remains up 57.2% so far this year, compared with the S&P 500's 11.9% year-to-date gain. Oil prices, which have soared since the onset of the Iran war, rattl
Dow dips, S&P 500 ends off 1.1%; Nasdaq tanks 2.2% Tech weakest S&P 500 sector; energy leads gainers Dollar, gold, bitcoin decline; US crude gains >3% US 10-year Treasury yield flat at ~5.09% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at Cash In Your Chips: Semiconductor Selloff Drags Nasdaq, S&p 500 To Weekly Losses Wall Street ended lower on Friday, with earlier weakness gathering downward momentum as the session progressed. Blame it on the chip dip. All three major US stock indexes closed lower, with the tech-loaded Nasdaq suffering the steepest percentage drop.
The S&P 500 and the Nasdaq posted weekly losses, while the Dow ended higher than last Friday's close. The Philadelphia SE semiconductor index, the erstwhile king of the hill and proxy AI indicator, tumbled 11.4% on the week, closing 23.9% below its record high reached on June 22. The SOX's eight-day selloff marks its longest losing streak since the financial crisis. Even so, the index remains up 57.2% so far this year, compared with the S&P 500's 11.9% year-to-date gain.
Oil prices, which have soared since the onset of the Iran war, rattling global markets and sparking widespread inflation worries in the bargain, jumped on continued supply uncertainties arising from Middle East turmoil. Front-month WTI and Brent settled up 3.5% and 3.7%, respectively. On the economic front, import prices posted their highest annual increase in more than four years, and industrial output blasted past analyst estimates. Together, they supported the notion inflation is too hot for the Fed, and the economy is sturdy enough to withstand the dampening effect of policy tightening in the form of interest rate hikes.
Next week offers a raft of housing data (NAHB, housing starts/building permits and pending home sales), along with flash PMI and preliminary current-month consumer sentiment, by way of UMich. Third-quarter reporting season is off and running, with 45 of the companies in the S&P 500 having reported. Of those, 84% have delivered better-than-expected earnings, according to LSEG data. Tesla, Meta Platforms, IBM and Netflix are among the many companies expected to post next week, along with a host of high-profile industrial names such as United Airlines, Union Pacific and General Motors.
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