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Chip sell-off weighs on Nasdaq 100 as tariff and Iran risks rise
The iShares Semiconductor ETF (SOXX) dropped more than 4% while WTI crude fell about 3% and the 10-year T-note yield declined 1.4 basis points.
US stocks traded mixed Friday, with the Nasdaq 100 falling 1.27%, the S&P 500 slipping 0.08%, and the Dow Jones Industrial Average rising 0.39%, as a sharp sell-off in chip stocks pressured the broader market, according to Yahoo Finance.
The slide in semiconductors was led by the iShares Semiconductor ETF (SOXX), which fell more than 4%, as investors weighed concerns about whether AI demand will hold up. Despite the pressure, Intel forecast a sharp short-term increase in Q3 sales tied to data center demand.
Additional headwinds included President Trump’s new tariff regime covering 60 nations, along with his threat of retaliation in response to the EU’s $1 billion fine for Alphabet. Markets were also watching the risk of expanded US military attacks on Iran after Trump said he is considering such action, the outlet reported.
On the other side, oil provided some support as WTI crude fell about 3% on continued Red Sea shipments despite Houthi threats, and Treasury yields eased, with the 10-year T-note yield down 1.4 basis points. Trump late Thursday announced broad tariffs ranging from 10% to 12.5% under Section 301 tied to alleged forced labor in supply chains, replacing a 10% global import tax that expired Friday, Yahoo Finance said.
Latest closeWTI crude $90.47 ▼1.9%|S&P 500 7,411.98 ▲0.1%|Nasdaq Comp. 24,975.82 ▼0.6%