Geopolitical tensions and valuation concerns push Qualcomm down 6%, dragging Nasdaq and S&P 500 lower amid broader tech selloff.
Qualcomm shares fell 6% as geopolitical risks and sector-wide valuation concerns overshadowed Nvidia CEO Jensen Huang’s endorsement. The decline contributed to a broader tech selloff, pulling the Nasdaq and S&P 500 lower despite a rebound in US home sales.
The drop follows reports of US strikes on Iranian air defense and radar sites near the Strait of Hormuz, escalating tensions after an Apache helicopter was downed. Investors shifted focus to risk assets, with chip stocks under particular pressure.
Markets showed muted reaction to May’s 3.2% jump in US home sales, the fastest pace this year, as rising mortgage rates and prices tempered optimism. Tech valuations remain a key concern amid shifting monetary policy expectations.