Nasdaq 100 Futures Drop 1.6% as Chip Selloff Deepens on Valuation Fears
Updated
Updated · Bloomberg · Jul 17
Nasdaq 100 Futures Drop 1.6% as Chip Selloff Deepens on Valuation Fears
3 articles · Updated · Bloomberg · Jul 17
Summary
Nasdaq 100 futures slid 1.6% after the index sank to its lowest level in more than a month, extending a retreat in the tech shares that powered this year’s rally.
Chipmakers led the move as traders rushed to cut positions in stocks whose valuations had become increasingly stretched.
Asia’s technology-heavy gauges also fell, dragging the region’s main benchmark to its weakest level since May.
Europe echoed the selloff, with chip-linked stocks including ASM International and Aixtron tumbling more than 4%.