Semiconductor sell-off and geopolitical tensions push major indexes down, with Netflix falling 7% after disappointing guidance.
The Nasdaq Composite fell 1.06% to 25,607.34 at midday, led by declines in high-growth tech stocks amid a deepening semiconductor sell-off. The S&P 500 and Dow Jones Industrial Average dropped 0.57% and 0.08%, respectively, as uncertainty over AI spending sustainability weighed on markets.
Gold prices rose 0.78% to $4,019.01, while the 10-Year Treasury yield dipped 0.03% to 4.54%. Netflix shares plunged over 7% after issuing weaker-than-expected forward guidance, contributing to the broader tech decline. Energy and real estate sectors outperformed, while communications and industrials lagged.
Oil prices climbed 3.7% to $81.88 a barrel as Middle East tensions escalated, adding to market volatility. The semiconductor sector faced additional pressure from concerns about AI infrastructure spending translating into revenue growth.