2 weeks ago
Nasdaq 100 Falls 500 Points as Chip Stocks Lead Sell-Off
U.S. stock markets fell again on Tuesday.
Technology stocks, especially chip companies, were among the biggest losers.
The Nasdaq 100 index dropped more than 500 points.
Higher oil prices and higher borrowing costs made investors more cautious.
Bond yields rose in several major countries, including the United States.
Brent crude oil ended above $91 per barrel.
Home Depot reported better-than-expected results, but its shares barely changed because customers were worried about inflation and uncertainty.
Investors were waiting for the Federal Reserve’s meeting minutes and new company earnings reports.
The Nasdaq 100 fell more than 500 points, or 1.7%, on Tuesday, August 18.
The Dow Jones Industrial Average lost 120 points, while the S&P 500 declined 0.7% and the Nasdaq Composite fell 1.3%.
Chip stocks suffered sharp losses, with Intel, Micron, Western Digital, SanDisk, Marvell Technology, and SK hynix ADRs falling between 7% and 9%.
The U.S. 30-year Treasury yield rose above 5.33%, its highest level in 19 years, while Brent crude closed above $91 per barrel.
Investors were awaiting Federal Reserve meeting minutes, as well as earnings from Lowe’s and Target.],
- Who
- U.S. stock investors, chipmakers, Home Depot, the Federal Reserve, and companies reporting earnings.
- What
- Wall Street declined, led by a sell-off in semiconductor stocks.
- Where
- U.S. financial markets, with related bond-market movements in Japan, Germany, and France.
- When
- Tuesday, August 18; investors were also preparing for the next trading session.
- Why
- Higher oil prices, elevated bond yields and borrowing costs, geopolitical tensions, and investor profit-taking pressured stocks.
Key facts
- Nasdaq 100
- Fell more than 500 points, or 1.7%.
- Dow Jones
- Declined 120 points.
- S&P 500
- Fell 0.7%.
- Nasdaq Composite
- Fell 1.3%.
- U.S. 30-year yield
- Exceeded 5.33%, reaching a 19-year high.
- Brent crude
- Closed above $91 per barrel.
- Federal Reserve decision
- Officials voted 9-3 to leave interest rates unchanged.
Quotes
Home Depot management
Chief executive officer and senior executives of Home Depot
“the management said that they are currently operating in “frozen housing market conditions””
CNBC TV 18
Sources
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