Nasdaq slides 1.5%, S&P 500 falls, Dow up
Tech weakest S&P 500 sector; Energy leads gainers
Dollar, crude climb; gold edges up; bitcoin falls ~4%
US 10-Year Treasury yield flat at ~4.28%
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NASDAQ, S&P 500 FALL ON MORE TECH WEAKNESS, AMGEN BUOYS DOW
The S&P 500 .SPX and Nasdaq .IXIC retreated on Wednesday, as concerns over extended valuations and disruption from AI in the tech space continued, while gains in Amgen AMGN.O buoyed the Dow.
The S&P 500 tech sector .SPLRCT fell more than 3% at its lows of the session with chipmakers Nvidia NVDA.O, Advanced Micro AMD.O and Broadcom AVGO.O the three biggest drags on the broad S&P index. AMD plunged 17.3%, its biggest daily percentage drop since May 2, 2017 after giving a soft sales forecast along with its quarterly results.
The Philadelphia Semiconductor index .SOX tumbled 4.4%, its biggest drop since December 12.
Software stocks also continued their recent swoon, as the S&P 500 software and services index .SPLRCIS dropped for a sixth straight session. The index has dropped 13.4% over that timeframe, its biggest six-session drop since March 2020 as bargain hunters have yet to make their presence felt as worries AI will now act as a competitor plague the space.
Amgen, meanwhile, jumped more than 8% and accounted for more than 170 points to the upside on the Dow Industrials after the drugmaker's quarterly results as the company continues to express confidence in experimental weight-loss drug MariTide. Peer Eli Lilly LLY.N surged more than 10% after it forecast strong growth for 2026 on Wednesday on the back of surging obesity drug demand.
Below is your market snapshot:
(Chuck Mikolajczak)
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EARLIER ON LIVE MARKETS:
WELLS BUMPS UP RUSSELL 2000 TARGET CLICK HERE
BOFA CLIENTS SNAP UP STAPLES CLICK HERE
SOFTWARE, BD COMPANIES, CRYPTO IN SYNC TO THE DOWNSIDE CLICK HERE
US STOCKS MIXED AS TECH WEAKNESS CONTINUES CLICK HERE
WHY BITCOIN’S LATEST ROUT FEELS DIFFERENT CLICK HERE
S&P 500: BREAKOUT OR FAKEOUT? CLICK HERE
UBS SEES 10-20% UPSIDE FOR EUROPEAN RENEWABLES CLICK HERE
EU CARMAKERS FACE 'SCARY' CHINA EXPORT ACCELERATION CLICK HERE
TELECOMS SHINE AS SOFTWARE STRUGGLES, FTSE AT NEW RECORD CLICK HERE
EUROPE BEFORE THE BELL: SOFTWARE WATCHED, BIG HIT FOR NOVO CLICK HERE
EURO ZONE FACES INFLATION HURDLE BEFORE ECB CLICK HERE
Closing levels Feb 4 https://fingfx.thomsonreuters.com/gfx/mkt/xmpjqmygnvr/Pasted%20image%201770239818959.png