Semiconductor declines drive tech losses while utilities and consumer staples gain amid market caution over demand and supply chain risks.
Technology stocks led declines as semiconductor shares faced pressure, with Micron Technology (MU) dropping 6.07% and Intel (INTC) falling 7.05%. Concerns over supply chain disruptions and weakening demand weighed on the sector, contributing to broader market weakness.
In contrast, defensive sectors outperformed. Walmart (WMT) rose 1.55% and Costco (COST) gained 1.72%, while Eli Lilly (LLY) climbed 2.14% on strong drug performance. Utilities also advanced, with Consolidated Edison (ED) up 1.12% as investors sought stable income amid volatility.
Financials showed mixed results, with JPMorgan Chase (JPM) down 0.69% and Visa (V) rising 0.70%. The divergence reflects cautious sentiment, favoring sectors perceived as resilient during economic uncertainty.