Nasdaq 100 Drops 1.12% as Chip Selloff Sends SMH Down Nearly 7%
Updated
Updated · Business Insider · Jun 9
Nasdaq 100 Drops 1.12% as Chip Selloff Sends SMH Down Nearly 7%
3 articles · Updated · Business Insider · Jun 9
Summary
The late-session reversal erased gains of about 1% earlier in the day, leaving the Nasdaq 100 at 29,084.50 while the S&P 500 slipped 0.26% and the Dow still rose 0.2%.
Semiconductor shares led the retreat: the VanEck Semiconductor ETF fell nearly 7% at its intraday low, with Micron down 4.3%, Broadcom off 1.3% and Marvell among the hardest hit.
A 10% jump in the VIX underscored the abrupt swing, which traders tied mainly to profit-taking after recent record highs in tech; some also cited cash-raising ahead of SpaceX trading on Friday.
Outside equities, Brent crude fell 2.8% to $91.45, WTI dropped 3.3% to $88.21 and the 10-year Treasury yield touched 4.52% as investors also tracked U.S.-Iran talks and a Strait of Hormuz helicopter incident.