S&P 500, Nasdaq fall as tech selling resumes, Trump vows to react to downed US helicopter
Tech stocks and chipmakers slid as geopolitical tensions and a weak Broadcom forecast heightened market volatility, with investors also anticipating the SpaceX IPO.
- On Tuesday, the Nasdaq and broader stocks declined as technology shares lost momentum, with the Nasdaq Composite dropping more than 3.6% before recovering to close down about 0.98%.
- Technology and AI-linked stocks sold off sharply as investors took profits following strong rallies in recent months, with chipmakers Broadcom, Nvidia, and Marvell Technology bearing the brunt of the selling.
- Elon Musk's SpaceX is targeting a $1.75 trillion valuation and aiming to raise $75 billion, prompting investors to reallocate holdings ahead of the high-profile IPO debut.
- President Donald Trump posted on social media that Iran shot down an Army Apache helicopter and vowed to respond, exacerbating Middle East tensions and causing oil prices to pare earlier losses.
- Bill Northey, senior investment director at US Bank Asset Management, said consolidation is expected after exceptional performance, while the key 10-year yield remains above 4.5%, potentially pulling investors away from equities.
14 Articles
14 Articles
Tech Stocks Dive as Middle East Tensions Escalate
The S&P 500 and Nasdaq fell following a drop in tech shares and heightened tensions after Iran shot down a U.S. helicopter. President Trump's promise to retaliate increased market volatility. Technology stocks, especially semiconductors, suffered significant selloffs, with investors eyeing upcoming inflation data and (SpaceX's) IPO.
Markets whipsaw as AI sell-off resumes
By John Towfighi, CNN New York (CNN) — Stocks swung in volatile trading Tuesday as investors sold AI-related names, rotated into other sectors and took profits after a strong rally in recent months. The tech-heavy Nasdaq Composite opened higher before dropping more than 3.6% in a rapid reversal during trading. But investors stepped in to buy the dip, and by the closing bell, the Nasdaq was down only .0.97%. Similarly, the S&P 500 fell more than …
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