Stock market today: Dow, S&P 500, Nasdaq seesaw as semiconductor stocks sell off
Stock market today: Dow, S&P 500, Nasdaq seesaw as semiconductor stocks sell off.
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US stocks trimmed gains on Wednesday as chip stocks sold off despite strong earnings from chip equipment maker ASML ( ASML ) and a softer-than-expected wholesale inflation reading.
The Dow Jones Industrial Average ( ^DJI ) and S&P 500 ( ^GSPC ) hovered near the flat line. The Nasdaq Composite ( ^IXIC ) rose 0.1% following gains from the day before.
On Wednesday morning, ASML raised its annual sales forecast above Wall Street forecasts, citing AI demand, and said it plans to increase its production capacity for chipmaking equipment by 30%. Chip stocks declined, however, with memory makers Micron Technology ( MU ) and SK Hynix ( SKHY ) tumbling 10% and 13%, respectively.
On the economic data front, the Producer Price Index showed that wholesale inflation slowed more quickly than expected in June, echoing cooler-than-expected Consumer Price Index data, which showed the largest single-month decline in inflation since April 2020.
That helped offset pressure from rising oil prices as President Trump said he would intensify attacks on Iran until the country relents. "We're going to knock out all of their bridges unless they get to the table and negotiate," Trump told Fox News on Tuesday, per Bloomberg.
Earnings season, meanwhile, continues to pick up, with Morgan Stanley ( MS ), BlackRock ( BLK ), and Johnson & Johnson ( JNJ ) all reporting before the bell, while United Airlines Holdings ( UAL ) will report after the close of the trading day this afternoon.
Sinergia Empresarial continuará el seguimiento de esta información sobre stock market today: Dow, S&P 500, Nasdaq seesaw as semiconductor stocks sell off y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
