Update: US Equity Indexes Drop as Mega-Cap Chipmakers Slump, Treasury Revokes Iran Oil General License
(Updates with index/price moves, macroeconomic, and company/political news.) US equity indexes slumped as chipmakers led the technology sector lower and the Treasury Department revoked a June 21 license authorizing Iran to sell its crude oil in international markets. The Nasdaq Composite dropped 1.2% to 25,818.69, the S&P 500 fell 0.5% to 7,503.85, and the Dow Jones Industrial Average retreated 0.3% to 52,925.15 on Tuesday. Technology, industrials, and materials were the steepest decliners at the close. In addition to energy, the top gainer, other sectors in the lead included real estate, healthcare, and consumer staples. 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. A vast majority of tech firms in decline were from the semiconductor industry. The worst performer in this category of mega-caps with a significant sway over index moves was Intel (INTC), down 9.6%, 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.
(Updates with index/price moves, macroeconomic, and company/political news.) US equity indexes slumped as chipmakers led the technology sector lower and the Treasury Department revoked a June 21 license authorizing Iran to sell its crude oil in international markets.
The Nasdaq Composite dropped 1.2% to 25,818.69, the S&P 500 fell 0.5% to 7,503.85, and the Dow Jones Industrial Average retreated 0.3% to 52,925.15 on Tuesday.
Technology, industrials, and materials were the steepest decliners at the close.
In addition to energy, the top gainer, other sectors in the lead included real estate, healthcare, and consumer staples.
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.
A vast majority of tech firms in decline were from the semiconductor industry.
The worst performer in this category of mega-caps with a significant sway over index moves was Intel (INTC), down 9.6%, 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.