Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens
Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens.
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The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.40% to 25,520, the S&P 500 (SNPINDEX:^GSPC) lost 1.02% to 7,457, and the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.77% to 52,146, extending a tech-led sell-off as a worsening semiconductor rout outweighed strong insurance sector earnings.
Gold prices rose 0.57% to $4,010.55 as of U.S. market close, and the 10-Year Treasury yield climbed 0.02% to 4.55%. The energy sector was the only gainer today, with communication stocks and consumer cyclicals the worst hit.
The Travelers Companies jumped 9% after reporting a significant second-quarter earnings beat. Insurance peers, including Progressive and Allstate , also gained. Nvidia shares slid as investors rotated out of the artificial-intelligence (AI) bellwether. The semiconductor sell-off weighed on Advanced Micro Devices and Intel , while Alphabet shares fell on reports that its Gemini 3.5 Pro AI model launch would be delayed.
The Nasdaq finished the week down 2.90% today as a series of reports rattled confidence. Today, news that Moonshot AI, a Chinese AI start-up, had released an advanced AI model to rival those in the U.S. shook U.S. firms, as investors fear it could undercut sales. At the same time, the re-escalation of violence between the U.S. and Iran fueled a risk-off mood.
The Philadelphia Stock Exchange Semiconductor Index, a common gauge for semiconductor stocks, has fallen by more than 13% in the past month as investors question whether tech firms can continue spending so heavily on AI and analysts warn of overextended premiums. Pullbacks like this can be unnerving, but it is also worth viewing this volatility in context: The PHLX Semiconductor Index has risen by almost 63% year-to-date.
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Stock Market Today, July 17: Stocks Slide as Semiconductor Rout Deepens was originally published by The Motley Fool
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