Nasdaq dragged lower into close by semiconductor losses
Yahoo Finance Live anchor Seana Smith looks at how markets settled on Tuesday afternoon, with semiconductors dragging tech stocks down.
Video Transcript
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SEANA SMITH: 90 seconds to go here until the closing bell. Let's take a look at the losses that we are seeing. Dow off just about a 2/10 of a percentage point. You can see the NASDAQ off more than 1%, the biggest loser of the three major averages.
The S&P off for its fourth day in a row, a decline of just about 1/2 of a percent. NASDAQ leading to the downside here. A lot of that has to do with the action, the selling that we're seeing in those chip names sparked by the revenue warning from Micron before the bell on the heels of the news that we got from NVIDIA yesterday. PHLX Semiconductor Index off just about 4 and 1/2%.
Taking a look at the sector action for this afternoon, energy continuing to lead, followed by utilities, real estate, and financials. In terms of the biggest laggards in today's market, communication services, technology, and consumer discretionary. I mentioned the losses that we are looking at in the chip stocks.
Taiwan Semiconductors among the biggest laggards there, off just over 3%. Nvidia falling for the second day in a row. The warning that we got out yesterday, a lot of it had to do with the gaming business, warning that we could see a slowdown here in the second half of the year. Qualcomm, AMD are not far behind. And real quick, let's take a look at the meme stocks, lagging once again in today's trade, a reversal from the gains we saw yesterday. GameStop off just about 7%.
