Update: US Equity Indexes Dive After Sell-Off in Mega-Cap Chipmakers, Revocation of Iran's Authorization to Sell Crude Oil
(Updates with index/price moves and company/political news) US equity indexes slumped after chipmakers led the technology sector lower, while the Treasury Department revoked a June 21 license that authorized Iran to sell its crude oil in international markets. The Nasdaq Composite dropped 1.4% to 25,763.6, the S&P 500 fell 0.6% to 7,490.9, and the Dow Jones Industrial Average retreated 0.4% to 52,853.8 ahead of Tuesday's close. Technology, industrials, and materials were among the steepest decliners. In addition to energy, the top gainer, other sectors in the lead included real estate, healthcare, and utilities. Among stocks with market capitalization exceeding $200 billion each, 14 out of the bottom 20 names were technology firms, according to data compiled by Finviz. More than half of the decliners were semiconductor firms. The worst performer in this category of mega-caps with a significant sway over index moves was Intel (INTC), down 11%, after Samsung Electronics' preliminary earnings disappointed investors. Samsung forecast a surge in profit, but investors were seemingly locking in huge gains made on memory-chip stocks, and that's having a global impact, Barron's.
(Updates with index/price moves and company/political news) US equity indexes slumped after chipmakers led the technology sector lower, while the Treasury Department revoked a June 21 license that authorized Iran to sell its crude oil in international markets.
The Nasdaq Composite dropped 1.4% to 25,763.6, the S&P 500 fell 0.6% to 7,490.9, and the Dow Jones Industrial Average retreated 0.4% to 52,853.8 ahead of Tuesday's close.
Technology, industrials, and materials were among the steepest decliners.
In addition to energy, the top gainer, other sectors in the lead included real estate, healthcare, and utilities.
Among stocks with market capitalization exceeding $200 billion each, 14 out of the bottom 20 names were technology firms, according to data compiled by Finviz.
More than half of the decliners were semiconductor firms.
The worst performer in this category of mega-caps with a significant sway over index moves was Intel (INTC), down 11%, after Samsung Electronics' preliminary earnings disappointed investors.
Samsung forecast a surge in profit, but investors were seemingly locking in huge gains made on memory-chip stocks, and that's having a global impact, Barron's.