Saturday, 23 September 2023 06:50 GMT

NASDAQ Wallows As Chips Stay Weak

(MENAFN- NASDAQ Wallows as Chips Stay Weak


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.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.