(MENAFN- Baystreet.ca) NASDAQ Wallows as Chips Stay Weak
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Stocks fell on Tuesday as investors navigated a batch of disappointing company reports ahead of a key inflation reading.
The Dow Jones Industrials finished in the red 58.13 points to 32,774.41
The S&P 500 slipped 17.59 points to 4,122.47.
The NASDAQ Composite stumbled 150.53 points, or 1.2%, to 12,493.93.
The declines came after memory chipmaker Micron warned that revenue may fall short of its prior guidance because of“macroeconomic factors and supply chain constraints.” The stock fell more than 3%.
It's been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group, and those stocks extended their losses on Tuesday.
Outside of chips, a pair of NASDAQ-listed stocks were also taking early hits. Novavax slumped 27% after slashing full-year revenue guidance because of poor demand for its COVID vaccines.
Upstart declined nearly 10% after the consumer lending company reported second quarter results that missed both profit and revenue expectations.
Treasury prices staggered, raising yields to 2.78% from Monday's 2.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 18 cents to $90.58 U.S. a barrel.
Gold prices gained $5.70 to $1,810.90 U.S. an ounce.
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