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Semiconductor stocks weigh on S&P 500 and Nasdaq early
Chip declines in tech-heavy trading also came as investors looked ahead to a new Iran sanctions campaign and a potential breakdown in US-Canada trade talks.
Yahoo Finance reports that the S&P 500 and Nasdaq opened lower as investors turned to pressure in chip stocks while awaiting developments on Iran sanctions and the status of US-Canada trade talks.
Early trading showed tech sector weakness, with XLK stocks leading the decline in the S&P 500, amid chip-related pressure that mirrored moves seen in Asian markets overnight.
Memory chip makers Sandisk and Micron fell sharply following weekend rumors that the Trump administration could allow Apple to source chips from China’s CXMT.
Yahoo Finance also noted that readers were watching several other equities including SpaceX, Alibaba, Marvell, SK Hynix, Applied Optoelectronics, and Lam Research in the opening minutes of the session.
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