Chip stocks and AI led the way to the downside for the NASDAQ index
U.S. stocks opened sharply lower, tracking heavy losses overseas after South Korea’s KOSPI plunged 8.95%.
Applovin -12.65%
SanDisk -12.63%
SK Hynix -9.32%
Marvel technologies -7.75%.
ARM holdings, -7.55%
Intel -6.12%
Lam Research, -5.83%
Cerebra -4.86%s
Applied Materials -4.50%
GE Vernova, -4.49%
Micron, -4.40%
SpaceX, -4.24%
AMD, -4.21%
Nebius Group -4.16%
Texas Instruments -4.14%
Broadcom, -3.98%
Nvidia -3.52%
Broader indices:
Dow industrial average fell -138.01 points or -0.26% at 52504.26
S&P index fell -59.94 points or -0.79% at 7515.42
NASDAQ index -408.43 or -1.55% at 25873.18
Russell 2000 fell -24.63 points or -0.83% at 2953.16
Selling accelerated during the session after President Trump said the U.S. would resume the blockade and impose a 20% toll on all ships transiting the Strait of Hormuz to compensate for U.S. naval protection.
The bearish tone deepened following comments from Fed Governor Christopher Waller, who signaled that another increase in core inflation could be enough to support further policy tightening. Conversely, he said it would take several months of softer inflation data before he would consider shifting to a more dovish stance.