share_log

S&P 500 and DJIA Close Mixed, but Nasdaq Composite Sheds 2% as Chip Stocks Like SMCI and ARM Sink

moomoo News ·  Apr 19 16:12

The $Dow Jones Industrial Average (.DJI.US)$ rose 0.5% Friday, but the $S&P 500 Index (.SPX.US)$ fell almost 1% and the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ tumbled more than 2% and chip stocks weighed down the market.

The DJIA provided the day's only good news among major indexes, rising 211.02 points (0.6%) to a 37,986.4 close.

However, the S&P 500 lost 43.9 ticks (0.9%) to a 4,967.23 finish and the Nasdaq Composite gave up 319.49 points (2.1%) to a 15,282.01 ending.

Chip stocks drove the Nasdaq's decline, falling on the back of recent poor guidance from $Taiwan Semiconductor (TSM.US)$ and $ASML Holding (ASML.US)$.

$Super Micro Computer (SMCI.US)$ also fell sharply on word that the chipmaker won't pre-announce earnings results as it's done in the past. Markets took that as a bad sign.

The dour combination of news sent the chip sector tumbling, with $NVIDIA (NVDA.US)$ shedding 10% to $762 -- its largest one-day percentage decline since at least December 2022.

Other semiconductor stocks to lose ground included  $Super Micro Computer (SMCI.US)$ (down 23.2%), $Arm Holdings (ARM.US)$ (off 16.9%), $Advanced Micro Devices (AMD.US)$ (-5.4%), $Micron Technology (MU.US)$ (4.6% lower), $Taiwan Semiconductor (TSM.US)$ (3.5% decline) and  $ASML Holding (ASML.US)$ (off 3.3%).

Conversely, recent earnings reports held up the Dow, like DJIA component $American Express (AXP.US)$ reporting before the bell that its results beat analyst expectations.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment