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Chip and AI stocks drive Nasdaq lower amid broad tech selling
Sandisk fell 10.1%, contributing to heavier selling in the Nasdaq 100 and keeping the index the most bearish of the three.
Forexlive said chip and AI related stocks were under heavy selling pressure, with declines concentrated in major names and weakness extending across the broader semiconductor sector.
In Forexlive's stock list, Sandisk led the drop, falling 10.1%, which helped weigh on the technology heavy benchmarks.
On the technical side, Forexlive noted the Nasdaq 100 was the most bearish due to the heavier selling in AI and chip stocks, while the Nasdaq Composite was shifting modestly bearish and the S&P 500 remained more neutral.
Forexlive added that it laid out key levels in each index, identifying where sellers would stay in control and which levels would need to be reclaimed to improve the outlook for buyers.
Latest closeS&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%