Stock Market Today Nasdaq Falls 4 Percent as Chip Stocks Sell Off While Dow Gains on Jobs Data

About this episode

The episode discusses the significant decline in the Nasdaq due to a sell-off in chip stocks, while the Dow gains on positive jobs data.

According to Standard and Poor Dow Jones Indices, the Standard and Poor five hundred rose about zero point four percent, gaining roughly thirty points to close near seven thousand five hundred eighty four, while the Dow Jones Industrial Average climbed about one point seven percent, adding close to eight hundred eighty points to finish around fifty one thousand five hundred sixty two, but the Nasdaq Composite slumped roughly four percent as technology and semiconductor names sold off heavily according to The Street and Yahoo Finance.[2][1][6] The Street reports that the key driver was a sharp reversal in semiconductor and artificial intelligence related stocks after Broadcom kept its full year artificial intelligence chip targets unchanged, which triggered profit taking across the chip space and wiped roughly one trillion United States dollars in market value from growth names.[1] Yahoo Finance notes that a stronger than expected United States May jobs report, showing approximately one hundred seventy two thousand jobs added, pushed bond yields higher and reinforced expectations of further United States Federal Reserve interest rate hikes, pressuring higher growth and technology…

Topics covered

• stock market
• Nasdaq
• Dow Jones
• jobs report
• semiconductor stocks
• interest rates

Keywords

• Nasdaq
• Dow Jones
• semiconductor
• jobs report
• interest rates
• stock market

Mentioned in this episode

Organizations: Standard and Poor Dow Jones Indices, The Street, Yahoo Finance, Broadcom

Places: United States

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