{"id":2940,"date":"2026-06-25T17:43:55","date_gmt":"2026-06-25T17:43:55","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2940"},"modified":"2026-06-25T17:43:55","modified_gmt":"2026-06-25T17:43:55","slug":"nasdaq-drops-as-tech-megacap-declines-outweigh-upbeat-chip-outlook","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2940","title":{"rendered":"Nasdaq drops as tech megacap declines outweigh upbeat chip outlook"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>June 25 (Reuters) &#8211; The Nasdaq dropped on Thursday, dragged \u200bdown by losses in Big Tech shares, while a shift into other sectors lifted the S&amp;P 500 and the Dow.<\/div>\n<div>Technology shares reversed early \u200cgains to move lower, weighing on the Nasdaq, as worries over hyperscaler spending and expectations of higher interest rates outweighed upbeat signals from Micron (MU.O)<svg><\/svg><span>, opens new tab<\/span> and Qualcomm (QCOM.O)<svg><\/svg><span>, opens new tab<\/span> on AI demand.<\/div>\n<div>Apple (AAPL.O)<svg><\/svg><span>, opens new tab<\/span> slid nearly 5% after hiking prices for iPads and MacBooks to counter surging memory and storage chip costs. Shares of Nvidia (NVDA.O)<svg><\/svg><span>, opens new tab<\/span>, Microsoft (MSFT.O)<svg><\/svg><span>, opens new tab<\/span> and Alphabet (GOOGL.O)<svg><\/svg><span>, opens new tab<\/span> were also down between 1.2% and 2.7%.<\/div>\n<div>Concerns over debt-backed spending \u200bby hyperscalers and fears of a more hawkish Federal Reserve have fueled a market downturn this week, with tech shares leading the selloff.<\/div>\n<div>&#8220;When you have \u200bcompanies coming off really strong runs, even on a yearly basis, at some point, you start to say, trees don&#8217;t \u2060grow to the sky, they eventually do stop. And stocks don&#8217;t forever keep going up and I think that&#8217;s what happened,&#8221; said Robert Conzo, CEO at the \u200bWealth Alliance.<\/div>\n<div>Micron soared 14%, while Qualcomm rose 5%. Other memory chips also moved higher with Sandisk (SNDK.O)<svg><\/svg><span>, opens new tab<\/span> soaring 16.3%, while Western Digital (WDC.O)<svg><\/svg><span>, opens new tab<\/span> and Seagate Technology (STX.O)<svg><\/svg><span>, opens new tab<\/span> rose 6.3% and 3%, \u200brespectively.<br \/>\nCaterpillar (CAT.N)<svg><\/svg><span>, opens new tab<\/span> and Goldman Sachs (GS.N)<svg><\/svg><span>, opens new tab<\/span>, which were up 4% and 1.2%, respectively, aided the blue-chip Dow to an intraday high. The S&amp;P 500 industrial sector (.SPLRCI)<svg><\/svg><span>, opens new tab<\/span> led gains with a 2% rise.<\/div>\n<div>Six out of 11 major S&amp;P 500 sectors moved higher, with healthcare shares (.SPXHC)<svg><\/svg><span>, opens new tab<\/span> adding 2%.<\/div>\n<div>At 11:49 a.m. ET, the Dow Jones Industrial Average (.DJI)<svg><\/svg><span>, opens new tab<\/span> rose 436.45 points, or 0.82%, to 52,275.98, the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> gained 19.14 points, \u200bor 0.26%, to 7,377.36 and the Nasdaq Composite (.IXIC)<svg><\/svg><span>, opens new tab<\/span> lost 79.31 points, or 0.31%, to 25,397.33.<\/div>\n<div>The Philadelphia SE Semiconductor index (.SOX)<svg><\/svg><span>, opens new tab<\/span> rose 2.5% and was on track for \u200bits strongest quarter on record, according to LSEG data. The tech sector (.SPLRCT)<svg><\/svg><span>, opens new tab<\/span> dipped 0.3%.<br \/>\nSoftware shares (.SPLRCIS)<svg><\/svg><span>, opens new tab<\/span> came under pressure, with Atlassian (TEAM.O)<svg><\/svg><span>, opens new tab<\/span> and Applovin (APP.O)<svg><\/svg><span>, opens new tab<\/span> dropping over 4% each.<\/div>\n<div>The Nasdaq was on track for \u200cits biggest \u2060monthly decline since March 2025, while the chip index was headed for its worst week since the start of the Middle East conflict earlier this year.<\/div>\n<div>Meanwhile, data showed U.S. inflation increased further in May, breaking above 4.0% for the first time in three years on higher energy prices, and potentially drawing the Federal Reserve closer to raising interest rates this year.<\/div>\n<div>In response to rising price pressures, traders anticipate the Fed to lift interest rates by at least 25 basis points before the year-end, according \u200bto LSEG data.<\/div>\n<div>&#8220;There is still a risk \u200bthat the Federal Reserve delivers a \u2060rate hike later this year. Even so, U.S. equities appear capable of absorbing both this environment and a somewhat more hawkish Fed,&#8221; said Michele Morganti, senior equity strategist at Generali Investments.<\/div>\n<div>Still, a slide in oil prices to below pre-war levels and \u200bdata pointing to a resilient economy have added to optimism that inflationary pressures may soften, without higher interest rates.<\/div>\n<div>A final \u200breading of first-quarter GDP \u2060data showed the economy grew by 2.1%, compared to a prior estimate of 1.6%. Meanwhile, jobless claims data showed a higher-than-expected fall in the number of Americans filing for unemployment benefits.<\/div>\n<div>Remarks from New York Fed President John Williams and Chicago Fed President Austan Goolsbee will also be parsed later in the day.<br \/>\nAmong other movers, Bio-Techne Corp (TECH.O)<svg><\/svg><span>, opens new tab<\/span> jumped 19.7% after Germany&#8217;s Merck KGaA (MRCG.DE)<svg><\/svg><span>, opens new tab<\/span> \u2060agreed to \u200bacquire the biotech firm for $73 per share in cash, representing a total enterprise value of about $11.3 \u200bbillion.<\/div>\n<div>Advancing issues outnumbered decliners by a 1.76-to-1 ratio on the NYSE and by a 1.16-to-1 ratio on the Nasdaq.<\/div>\n<div>The S&amp;P 500 posted 51 new 52-week highs and 14 new lows, while the Nasdaq Composite \u200brecorded 193 new highs and 172 new lows.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2938\">JPMorgan reshapes Jamie Dimon succession race with executive shuffle<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2935\">Micron overtakes Meta, Tesla in market value amid relentless AI infrastructure demand<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2933\">US Supreme Court scales back Roundup cancer lawsuits<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nasdaq dropped on Thursday, dragged \u200bdown by losses in Big Tech shares, while a shift into other sectors lifted the S&#038;P 500 and the Dow.<\/p>\n","protected":false},"author":1,"featured_media":2939,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[54],"class_list":["post-2940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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