Stock Market Today, June 9: Chipmakers Drag Nasdaq Down at Midday
At midday, the S&P 500 (SNPINDEX:^GSPC) had fallen 1.46% to 7,297.54, and the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 2.52% to 25,246.14 on renewed artificial intelligence (AI) weakness. The Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.59% to 50,488.59 as cyclicals underperformed growth.
Market movers
Apple declined more than 3% this morning after yesterday’s “Apple Intelligence” reveal underwhelmed investors. Micron Technology, Qualcomm, and Advanced Micro Devices slumped as semiconductor stocks came under pressure again. Redwire sank over 18% on a $500 million at‑the‑market equity plan.
What this means for investors
Chip stocks lead the declines this morning as yesterday’s optimism faded and investors weighed the impact of high inflation and the possibility that the Federal Reserve might raise interest rates this year.
If you are wondering whether this morning’s sell-off might present a buying opportunity, be aware that the red flags are starting to stack up. Analysts at Citigroup, Bank of America, and Wells Fargo have all raised concerns in recent days about a high level of market risk, as things like equity valuations, consumer confidence, and yield curves all enter the danger zone.
However, while caution is warranted, yesterday’s recovery shows there’s still appetite for big AI hardware and chip names, and the current volatility does not necessarily mean the rally has reached its top. Consider your risk exposure, but try to keep a long-term perspective and don’t make dramatic moves.
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Bank of America is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Micron Technology, and Qualcomm. The Motley Fool has a disclosure policy.
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