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Nasdaq falls as semiconductors slip and Netflix forecast disappoints
The PHLX Semiconductor Index dropped about 3%, and the Nasdaq Composite fell around 1.5% alongside a roughly 0.7% decline in the S&P 500.
US stocks fell on Friday, with the semiconductor sector dragging markets lower and putting major indexes on track for weekly losses, according to Yahoo Finance. The S&P 500 fell about 0.7%, while the Nasdaq Composite dropped around 1.5%.
Chip stocks, as tracked by the PHLX Semiconductor Index, tumbled about 3% and entered bear market territory after weakness in Asia, including a 4% fall in Japan's Nikkei 225. The report also pointed to investors reassessing spending on artificial intelligence, which has clouded optimism for the AI trade after a tech rally from March lows stalled.
Netflix shares declined about 7% after the companys third-quarter revenue forecast disappointed the market as it faces a dynamic and competitive entertainment landscape, Yahoo Finance reported. It also cited additional earnings from smaller banks, including Truist Financial and Fifth Third Bancorp, and said the University of Michigans preliminary consumer sentiment reading showed Americans started to feel better about the economy as gas prices eased.
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