S&P 500 Slides as Broadcom Triggers Chip Selloff, Dow Gains 700 Points
The S&P 500 fell on Thursday as investors sold off chip stocks following a disappointing report from Broadcom, while the Dow Jones Industrial Average surged as funds rotated into other market sectors.
The broad-market S&P 500 dropped 0.1%, while the Nasdaq Composite slid 0.8%. Meanwhile, the 30-stock Dow climbed 730 points, or 1.4%. UnitedHealth led the Dow’s gains with a 6% rise, followed by Walmart up 2%. If sustained through the close, this would mark the Dow’s best daily performance since April 30.
Broadcom shares plunged 14% after the chipmaker reported second-quarter revenue below expectations. Cybersecurity stock CrowdStrike also fell 10% after issuing muted revenue guidance for the same quarter.
Semiconductor stocks, which had driven the recent rally to record levels, declined broadly. The VanEck Semiconductor ETF (SMH) dropped over 3%. Arm Holdings and Micron Technology fell more than 6%, while Marvell Technology retreated 5%.
Thursday’s trading followed a previous down day on Wall Street as tensions in the Middle East weighed on investor sentiment. Iran struck Kuwait International Airport early Wednesday, while U.S. Central Command reported it had intercepted multiple Iranian ballistic missiles and drones and carried out “self-defense strikes” on Qeshm Island in the Persian Gulf—a response to what it described as attempted attacks by Tehran.(mrv)
Source : Newsmaker.id
