Chip Rally Fades as Tech Stocks Sell Off, Dragging Markets Lower
TL;DR Summary
Stocks reversed a brief rally as chipmakers led a broad sell-off: the Nasdaq-100 fell about 4%, and the VanEck Semiconductor ETF dropped roughly 7% at one point, with Micron down ~4.3% and Broadcom about -1.3%. At 4 p.m. ET, the S&P 500 was down 0.26% and the Dow gained 0.2%, while the Nasdaq 100 fell ~1.1%. The Cboe VIX jumped around 10%, signaling rising volatility amid profit-taking after a long tech-led rally, with investors speculating about cash builds ahead of potential SpaceX stock trading.
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- Chip Stocks Tumble in Roller-Coaster Market WSJ
- AI Selloff Was a ‘Wake-Up Call’ for Investors, Wells Fargo Says Bloomberg.com
- U.S. Stocks Move Sharply | Nasdaq Plunges Late at Night, Extending Losses to 2%; Micron Technology (MU.US) Drops Over 4.8% Moomoo
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