Major tech stocks including GOOG, AMZN, and NFLX fall sharply, offset by gains in chipmakers like Micron and Intel, leaving Nasdaq down 1%.
The Nasdaq declined 1% today, reversing earlier gains, as heavy losses in mega-cap tech stocks weighed on the index. GOOG, AMZN, NFLX, and MSFT fell between 2.5% and 5.6%, while SPCX plunged 10%. Despite the broad weakness, chipmakers like Micron (+5.6%) and Intel (+5.1%) rallied, limiting deeper losses.
The divergence highlights unusual market dynamics, with a few high-performing stocks masking underlying weakness. Prior sessions saw similar volatility, but today’s moves suggest potential rotation away from Big Tech or concerns over AI-related spending. Micron’s upcoming earnings report, valued near $1.4 trillion, may provide further clarity on sector trends.
Market sentiment remains cautious following Wednesday’s hawkish FOMC commentary, with traders eyeing potential red flags in AI and semiconductor demand.