Micron Technology leads semiconductor losses with an 11% plunge, dragging the Philadelphia SOX index lower amid broad sector weakness.
Micron Technology (MU) stock fell 11% to 796.46 in morning trading, marking one of the steepest declines in the Philadelphia semiconductor index (SOX). The drop reflects a broader sell-off in chip stocks, weighing on market sentiment.
The SOX index, comprising the 30 largest U.S.-traded chip companies, has faced persistent pressure in recent sessions. Micron’s decline follows similar weakness in peers like Sandisk, contributing to a mixed market open where the Dow Jones rose while the Nasdaq retreated.
No immediate catalyst for the sector-wide downturn was cited, though investors remain cautious amid macroeconomic uncertainties and valuation concerns in high-growth tech sectors.