Nasdaq 100 Falls 0.5% for Third Day as Chip Dip-Buying Loses Steam
Updated
Updated · Bloomberg · Jun 24
Nasdaq 100 Falls 0.5% for Third Day as Chip Dip-Buying Loses Steam
3 articles · Updated · Bloomberg · Jun 24
Summary
The Nasdaq 100 slid 0.5% toward a third straight loss after an early rebound in chipmakers and other tech shares faded.
The S&P 500 erased earlier gains and hovered near flat by midafternoon in New York, testing its 50-day moving average as tech and energy weakness offset gains elsewhere.
The Dow Jones Industrial Average still rose 0.4%, even as lower oil prices and a softer housing market fueled bets the Federal Reserve may face less pressure to keep hiking rates.
Nvidia and other AI-linked stocks had already come under pressure earlier in the session, extending investor concern that richly valued tech shares remain vulnerable when dip-buying stalls.