US equities dip as AI-chip stocks decline, with Nvidia extending its losing streak before Thursday’s earnings report.
The S&P 500 fell 0.28% and the Nasdaq dropped 0.76% as semiconductor stocks led declines ahead of Nvidia’s earnings. The equal-weighted S&P 500 rose 0.10%, nearing its record high, but weakness in chipmakers dragged broader indices lower.
Micron and Sandisk plunged 5.83% and 6.45%, respectively, while the Philly Semiconductor Index slid 2.70%. Nvidia declined 2.91%, marking its seventh straight loss—the longest streak since September 2022. Futures turned slightly higher in Asian trading after the prior session’s retreat.
Asian markets mirrored the downturn, with the KOSPI, CSI 300, and Hang Seng all trading lower, though early losses in South Korea moderated.