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US stocks fall as chip weakness spreads and Alphabet drops
The Nasdaq fell 1.5% on a second straight day of pressure in chip stocks, while the S&P 500 slid 0.5% amid an escalating US-Iran conflict and an earnings calendar.
US shares declined on Thursday as investors reassessed the AI boom and digested key earnings, with pressure building in semiconductor stocks and heightened concerns over the US-Iran war, according to Yahoo Finance.
The Dow Jones Industrial Average fell 0.2%, the S&P 500 dropped 0.5%, and the Nasdaq Composite fell 1.5%, as chip stocks extended losses for a second day following Taiwan Semiconductor Manufacturing Company's robust earnings that failed to impress markets.
Alphabet shares sank more than 4% after Bloomberg reported the company was behind schedule delivering Gemini 3.5 Pro, while AI memory stocks including SanDisk and Western Digital were among the hardest hit, Yahoo Finance reported.
On the macro and company-news front, retail sales were weighed by higher gasoline spending, while jobless claims came in with fewer initial unemployment claims than expected. Yahoo Finance also noted that UnitedHealth Group reported a Q2 earnings beat before the bell and GE Aerospace posted a beat as Netflix set the earnings calendar after the close.
Latest closeGasoline (RBOB) $3.114 ▼5.7%|S&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%