Nasdaq 100 Futures Hit Four-Week Low as Chip Rout Deepens, Oil Climbs
Nasdaq 100 futures fell to a four-week low, down 1.5%, extending a chip-led sell-off that pushed the index down 1.6% to 29,237. Samsung Electronics dropped nearly 7% despite record earnings, while the VanEck Semiconductor ETF fell 3.9%. Oil prices surged, with WTI rising 2.7% to $70.41 and Brent climbing 2.9% to $74.08 following a geopolitical incident in the Strait of Hormuz.
*this image is generated using AI for illustrative purposes only.
A deepening sell-off in chip and memory stocks dragged the Nasdaq 100 lower, with futures sliding to a four-week low and currently down 1.5%, extending the broader technology sector's decline. The technology-heavy index fell about 1.6% to 29,237 during midday trading, surrendering earlier gains as a memory-chip rout swept the sector. The decline was led by Samsung Electronics Co. Ltd., which fell nearly 7% despite posting record earnings, as guidance failed to beat lofty expectations. Adding to market volatility, West Texas Intermediate crude rose 2.7% to about $70.41 a barrel, and Brent climbed 2.9% to roughly $74.08 following a projectile strike on an LNG carrier in the Strait of Hormuz.
Major U.S. Indices Performance
Money rotated defensively, with health care, real estate, and utilities the only sectors firmly higher, while industrials and technology lagged. The S&P 500 eased about 0.3% to 7,513, and the Dow Jones Industrial Average slipped 0.3% to 52,890, surrendering an earlier record-territory push. The small-cap Russell 2000 eased about 0.4% to 2,996.
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,513 | -0.30% |
| Dow Jones | 52,890 | -0.30% |
| Nasdaq 100 | 29,237 | -1.60% |
| Russell 2000 | 2,996 | -0.40% |
Sector and Stock Movers
Defensive sectors led the gainers, with the Health Care Select Sector SPDR Fund rising about 1.6%, the Real Estate Select Sector SPDR Fund matching that rise, and the Utilities Select Sector SPDR Fund advancing 1.3%. Conversely, the Industrials Select Sector SPDR Fund was the worst performer, down 2.2%, followed by the Technology Select Sector SPDR Fund, off 1.9%. The VanEck Semiconductor ETF fell 3.9% on the memory rout, with specific decliners including Micron Technology, Inc., down 6.5%, Sandisk Corporation, which dropped about 10%, and Western Digital Corporation, which slid 8.6%. On the upside, DigitalOcean Holdings, Inc. surged 11.6%, and Figma, Inc. jumped 9.9%.
Will the memory-chip rout spread to other semiconductor segments, or is it isolated to memory suppliers?
How might rising oil prices due to geopolitical tensions impact inflation and Fed policy in the coming months?
Is the rotation into defensive sectors like health care and utilities a short-term trend or a sign of prolonged market caution?
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