Stock Market Midday, July 17: Netflix Plunges and Stocks Slide as Semiconductor Sell-Off Deepens
As of noon ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) is down 1.06% to 25,607.34, the S&P 500 (SNPINDEX:^GSPC) has fallen 0.57% to 7,491.11, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading down 0.08% to 52,511.32 as a deepening semiconductor sell-off and escalating geopolitical tensions weigh on high-growth leadership.
Gold prices have risen 0.78% to $4,019.01 as of midday ET, and the 10-Year Treasury yield is down 0.03% to 4.54%. Energy and real estate are this morning’s leading sectors, while communications stocks and industrials are sinking.
Today's biggest moves
High-growth technology shares are under broad pressure, with Nvidia (NASDAQ:NVDA) and International Business Machines (NYSE:IBM) both dropping this morning. Netflix (NASDAQ:NFLX) shares tumbled over 7% after the streaming giant issued disappointing forward-looking guidance. Coca-Cola (NYSE:KO) slipped on reports of a ransomware cyberattack at its Fairlife milk company.
What this means for investors
The global sell-off in semiconductor shares appears to be deepening, fueled by uncertainty about whether spending on artificial intelligence (AI) infrastructure is sustainable and questions about when these significant outlays will start to generate revenue. Meanwhile, oil prices continued to rise amid escalating tensions in the Middle East. WTI crude gained 3.7% to $81.88 a barrel, further destabilizing markets.
Today’s news that Chinese AI start-up Moonshot has released a new model that can compete with many OpenAI and Anthropic models added to investor unease. The Kimi K3 launch shows how quickly China’s AI capabilities are developing and puts pressure on U.S. tech heavyweights. For investors, the type of volatility we’ve seen this week can be unsettling, but try not to make hasty moves and keep a long-term focus.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends International Business Machines, Netflix, and Nvidia. The Motley Fool has a disclosure policy.
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