{"id":3011,"date":"2026-06-26T15:11:23","date_gmt":"2026-06-26T15:11:23","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=3011"},"modified":"2026-06-26T15:11:23","modified_gmt":"2026-06-26T15:11:23","slug":"sp-500-nasdaq-set-for-sharp-weekly-fall-as-chips-stocks-slide","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=3011","title":{"rendered":"S&#038;P 500, Nasdaq set for sharp weekly fall as chips stocks slide"},"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 26 (Reuters) &#8211; The S&amp;P 500 and the Nasdaq were on pace \u200bfor steep weekly losses as chipmakers came under renewed selling pressure on Friday after a stellar run this quarter, \u200cwith investors questioning high valuations and the repercussions of massive AI spending by companies.<\/div>\n<div>Micron Technology (MU.O)<svg><\/svg><span>, opens new tab<\/span> slid 6.2% after jumping more than 15% in the previous session. Other chip stocks, including Advanced Micro Devices (AMD.O)<svg><\/svg><span>, opens new tab<\/span> and Nvidia (NVDA.O)<svg><\/svg><span>, opens new tab<\/span>, were also reeling, with the Philadelphia SE Semiconductor index (.SOX)<svg><\/svg><span>, opens new tab<\/span> dipping 4.7%.<\/div>\n<div>High-flying chipmakers hit a rough patch this week despite \u200bstrong earnings from market darling Micron, while Apple&#8217;s (AAPL.O)<svg><\/svg><span>, opens new tab<\/span> move to raise iPad and MacBook prices due to soaring memory and \u200bstorage chip costs stoked inflation concerns.<\/div>\n<div>Apple shares edged down 0.1% in early trading after a 6.1% slump on \u2060Thursday, their biggest one-day drop in over a year, following the price hikes.<\/div>\n<div>&#8220;The selling in the tech stocks is reflecting higher interest rates \u200bdown the road,&#8221; said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.<\/div>\n<div>&#8220;Market didn&#8217;t like Apple hiking prices because that \u200bcould mean higher consumer prices down the line.&#8221;<\/div>\n<div>U.S. inflation rose above 4% in May for the first time in three years, data on Thursday showed, boosted by higher energy prices linked to the Middle East conflict, keeping the possibility of a Fed rate hike alive.<\/div>\n<div>While oil prices have retreated sharply as the Middle \u200bEast tensions eased, Apple&#8217;s shock move to hike prices drove fresh concerns.<\/div>\n<div>&#8220;We saw a similar dynamic during the pandemic, when supply chain disruptions \u200blimited access to semiconductors. Now, we&#8217;re witnessing a comparable supply shock, this time driven by memory, which is creating renewed inflationary pressure,&#8221; said Art Hogan, chief \u200cmarket strategist \u2060at B. Riley Wealth.<\/div>\n<div>At 9:34 a.m. ET, the Dow Jones Industrial Average (.DJI)<svg><\/svg><span>, opens new tab<\/span> fell 229.49 points, or 0.44%, to 51,691.13; the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> lost 60.87 points, or 0.83%, to 7,296.62 and the Nasdaq Composite (.IXIC)<svg><\/svg><span>, opens new tab<\/span> lost 336.63 points, or 1.33%, to 25,021.97.<\/div>\n<div>A report that OpenAI was considering delaying its public debut until next year also weighed on risk sentiment towards the tech space.<\/div>\n<div>Shares of Elon Musk&#8217;s SpaceX (SPCX.O)<svg><\/svg><span>, opens new tab<\/span>, which debuted earlier this month, were \u200bdown 1.6%.<\/div>\n<div>Recent market volatility has driven \u200binvestors toward overlooked sectors poised \u2060to benefit from easing inflation concerns and stronger growth prospects.<\/div>\n<div>Cooling tensions in the Middle East have further helped lift the blue-chip Dow (.DJI)<svg><\/svg><span>, opens new tab<\/span> to record highs.<\/div>\n<div>Investors expected heavy trading volume on Friday to reflect changes to the \u200bRussell indexes, including reclassification for megacaps like Microsoft and the Russell 1000&#8217;s &#8220;fast-track&#8221; addition of SpaceX.<\/div>\n<div>Meanwhile, interest \u200brate anxiety persisted, with \u2060traders pricing in one 25-basis-point rate hike and a near-27% chance of another by year-end, according to LSEG-compiled data.<\/div>\n<div>A final reading of June consumer sentiment is due later in the day, while the monthly jobs report is due next week.<\/div>\n<div>Synaptics (SYNA.O)<svg><\/svg><span>, opens new tab<\/span> rose 4.7% after ON Semiconductor (ON.O)<svg><\/svg><span>, opens new tab<\/span> said it agreed to \u2060acquire the \u200bcompany in an all-stock deal valued at about $7 billion. Onsemi dropped 19%.<\/div>\n<div>Declining issues outnumbered advancers \u200bby a 1.37-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq.<\/div>\n<div>The S&amp;P 500 posted 12 new 52-week highs and four new lows, while the \u200bNasdaq Composite recorded 72 new highs and 91 new lows.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3009\">New York City freezes rents for one million apartments in Mayor Mamdani victory<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3007\">How Haitian immigrants fueled Springfield\u2019s growth<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3005\">Israel\u2019s Netanyahu faces election challenge from hawkish ex-general<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The S&#038;P 500 and the Nasdaq were on pace \u200bfor steep weekly losses as chipmakers came under renewed selling pressure on Friday after a stellar run this quarter, \u200cwith investors questioning high valuations and the repercussions of massive AI spending by companies.<\/p>\n","protected":false},"author":1,"featured_media":3010,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[118,54],"class_list":["post-3011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-software-defined-vehicle","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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