The major US indices closed lower led by the NASDAQ index which fell -1.16% or -302.47 points. For the NASDAQ index it never got out of negative territory reaching a high of down -111.14 points at session highs.
The S&P index also traded into negative territory for the entire day (got to -1.36 points at session highs). The S&P closed down -0.45% or -33.67 points.
For the Dow industrial average, it did trade in positive territory and reached a new all-time intraday high of 53,294.33, but gave up all those gains and is ending the day lower by -131.01 points or -0..25% at 52,930.28.
Chip and AI related stocks fell with Intel falling -10.22%. Other losers included:
- Intel — $110.39 (-9.66%)
- Nebius Group — $195.19 (-8.37%)
- Marvell Technology — $230.70 (-7.45%)
- SoundHound AI — $1,617.70 (-7.26%)
- KLA Corporation — $216.47 (-7.22%)
- Lam Research — $326.13 (-6.87%)
- Arm Holdings — $300.43 (-6.77%)
- Advanced Micro Devices (AMD) — $516.11 (-6.51%)
- GE Vernova — $1,077.08 (-6.51%)
- Applied Materials — $554.50 (-6.46%)
- Palo Alto Networks — $337.04 (-5.73%)
- Micron Technology — $938.38 (-4.71%)
- Seagate Technology — $827.64 (-4.68%)
- GlobalFoundries — $65.84 (-4.46%)
- ASML Holding — $1,747.28 (-4.26%)
The chip and AI stocks got off to a weak start after earning from Samsung in Korea beat expectations, but was not good enough. The high flying stock - and a leading indicator for US stocks - fell -6.92%. The So. Korean Kospi index also slumped by -4.91% Samsung shares are still up nearly 150% on the year, while the Kospi is up 80% for the year...
