Update: US Equity Indexes Drop Amid Slide in Chipmakers, Gains in Crude Oil
(Updates with index/price moves and company/political news from the first paragraph.) US equity indexes fell as chipmakers helped push technology sharply lower, while a missile strike on a Qatari tanker sent crude oil higher. The Nasdaq Composite slumped 1.4% to 25,756.3, the S&P 500 fell 0.7% to 7,487.4, and the Dow Jones Industrial Average retreated 0.4% to 52,842.7. Technology was the standout decliner, followed by industrials and materials. In addition to energy, the top gainer, other sectors in the lead included healthcare, utilities, and consumer staples, reflecting a risk-off mood. Among stocks with market capitalization exceeding $200 billion each, 15 out of the bottom 20 names were technology firms, according to data compiled by Finviz. Of those, half were from the semiconductor industry. The worst performer was SanDisk (SNDK), down 11%, after Samsung Electronics' preliminary earnings disappointed investors. Shares of Space Exploration Technologies (SPCX) slumped 5.8% after the company was added to the Nasdaq 100 on Tuesday. In geopolitical news, Iran's Revolutionary Guard Corps fired missiles at vessels in the Strait of Hormuz, striking a liquefied natural gas.
(Updates with index/price moves and company/political news from the first paragraph.) US equity indexes fell as chipmakers helped push technology sharply lower, while a missile strike on a Qatari tanker sent crude oil higher.
The Nasdaq Composite slumped 1.4% to 25,756.3, the S&P 500 fell 0.7% to 7,487.4, and the Dow Jones Industrial Average retreated 0.4% to 52,842.7.
Technology was the standout decliner, followed by industrials and materials.
In addition to energy, the top gainer, other sectors in the lead included healthcare, utilities, and consumer staples, reflecting a risk-off mood.
Among stocks with market capitalization exceeding $200 billion each, 15 out of the bottom 20 names were technology firms, according to data compiled by Finviz.
Of those, half were from the semiconductor industry.
The worst performer was SanDisk (SNDK), down 11%, after Samsung Electronics' preliminary earnings disappointed investors.
Shares of Space Exploration Technologies (SPCX) slumped 5.8% after the company was added to the Nasdaq 100 on Tuesday.
In geopolitical news, Iran's Revolutionary Guard Corps fired missiles at vessels in the Strait of Hormuz, striking a liquefied natural gas.