US Stock Market Plummets: Nasdaq Composite Leads Decline Amid Selling of Tech Giants and Semiconductor Stocks

The US stock market continued to decline to close. The Nasdaq Composite led the decline as large growth stocks such as Apple and the semiconductor sector sold off ahead of a series of economic indicators and Federal Reserve Chairman Jerome Powell’s testimony to Congress later this week. (2024 Reuters/Brendan McDermid)

(Reuters) – The U.S. stock market continued to decline, with all three major indexes closing more than 1% lower. The Nasdaq Composite (.IXIC), opens new tab declined as large growth stocks such as Apple and the semiconductor sector sold off ahead of economic indicators such as employment statistics and Federal Reserve Chairman Jerome Powell’s testimony to Congress later this week. led. Economic indicators released that day were mixed. The non-manufacturing composite index for February released by the Institute for Supply Management (ISM) fell from the previous month and was also lower than expected. The decline in employment became a burden. However, new orders rose to the highest level in six months, showing that the non-manufacturing sector remains resilient. See more The US Department of Commerce announced that new manufacturing orders for January fell more than market expectations. See more Technology stocks (.SPLRCT), opens new tab After rising 56% in 2023, prices have continued to rise recently, and there were rumors of profit-taking on this day.

Kevin Gordon, senior investment strategist at Charles Schwab, said, “In addition to caution ahead of Chairman Powell’s testimony and labor market-related indicators, some investors may have sold semiconductor stocks and booked profits at high prices. “There is,” he said.

Apple (AAPL.O), opens new tab, fell 2.8% on a report showing iPhone sales in China fell 24% from a year earlier in the first six weeks of this year. The semiconductor sector was also sold off after a Bloomberg News report that Advanced Micro Devices’ (AMD) exports of AI chips to the Chinese market were facing hurdles due to U.S. government intervention. The Philadelphia Semiconductor Index (.SOX), opens new tab was down about 2%. Eight of the 11 major sectors in the S&P 500 (.SPX), opens new tab declined, with notable declines in information technology (.SPLRCT), opens new tab and consumer discretionary (.SPLRCD), opens new tab. Ta.

In addition to Chairman Powell’s testimony to Congress on the 6th-7th, investors are looking for clues about monetary policy from economic indicators such as the employment report on the 8th.

Among individual stocks, Tesla (TSLA.O), opens new tab fell 3.9%. A German factory was forced to suspend operations due to a power outage caused by a fire at a nearby power transmission tower. See more Meanwhile, retail giant Target (TGT.N), opens new tab, jumped 12% on positive outlook for full-year same-store sales.

Declining issues outnumbered advancing issues on the New York Stock Exchange by a 1.40-to-1 ratio. On the Nasdaq, stocks were outnumbered by decliners at a ratio of 1.76 to 1.

The total trading volume on US exchanges was 13.22 billion shares. The average for the last 20 business days was 11.99 billion shares.

This is a provisional value based on LSEG data.Changes from the previous day may not match *US stock market

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2024-03-05 21:34:00
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