Breaking
US Chip Stocks Slide; Philadelphia Semiconductor Index Drops More Than 5%, Nasdaq 100 Down 10% From Peak
Summary
- The Nasdaq 100 was nearing correction territory after falling 10% from its record high.
- The Philadelphia Semiconductor Index fell more than 5% intraday, sliding to its lowest level in two months.
- US semiconductor stocks including Micron, SanDisk, Western Digital, AMD, Intel, Nvidia and Broadcom tumbled in tandem, hurting sentiment toward technology shares.
The Nasdaq 100 has fallen 10% from its record high, putting the index on the verge of entering correction territory. A sharp selloff in US semiconductor shares also damped investor sentiment across the broader technology sector.
Crypto-focused media outlet BlockBeats reported on July 28 that the Nasdaq 100 had recently dropped 10% from its all-time high. An index is typically considered to be in a correction when it falls 10% or more from a peak.
The Philadelphia Semiconductor Index fell more than 5% intraday, sliding to its lowest level in two months.
Among individual stocks, Micron dropped about 9%, while SanDisk and Western Digital each plunged more than 12%. AMD and Intel also fell more than 8% and 6%, respectively.
Nvidia lost more than 1%, while Broadcom declined 2.8%.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.