Nasdaq 100 Drops 1.12% as Chip Selloff Sends S&P 500 to 5-Week Low
Updated
Updated · Barchart · Jun 9
Nasdaq 100 Drops 1.12% as Chip Selloff Sends S&P 500 to 5-Week Low
3 articles · Updated · Barchart · Jun 9
Summary
The S&P 500 fell 0.26% and the Nasdaq 100 slid 1.12% on Tuesday, surrendering early gains as both indexes hit five-week lows, while the Dow Jones edged up 0.17%.
Chip stocks led the retreat after an early bounce faded—Marvell sank more than 10%, Qualcomm and Arm lost more than 7%, and software shares including ServiceNow and Salesforce also dropped sharply.
WTI crude tumbled more than 3% to a seven-week low after Iran and Israel agreed to end hostilities, pressuring energy shares but lifting airlines, cruise operators and homebuilders alongside stronger-than-expected existing home sales.
Markets turned more cautious later after President Trump blamed Iran for downing a US military helicopter and warned of a response, reviving concern that any peace deal could fail and keep the Strait of Hormuz closed.
Treasuries gained as lower oil eased inflation expectations—the 10-year yield fell 3.6 basis points to 4.526%—even as stronger China trade data and a narrower US trade deficit offered some support to the broader growth outlook.