Tech stocks fell on stricter trade measures and chip stocks plunged, mixed performance in broader market.

From Nasdaq: 2024-07-17 18:14:39

Stock indexes closed mixed, with the Dow setting a record high and Nasdaq falling to a 2-week low. Chip stocks slid on concerns of harsher US restrictions on Chinese trade. Fed officials hinted at rate cuts, while Beige Book indicated slower growth. The markets imply a rate cut chance of 5% on July 30-31.

Tech stocks like AMD and Qualcomm declined after reports of stricter trade measures. Mega-caps like Amazon and Apple also fell. Five Below and Uber forecasted weaker sales, while American Airlines saw a downgrade. GlobalFoundries and Intel rose on speculation of manufacturing restrictions. UnitedHealth and Gates Industrial gained on upgrades and acquisitions.



Read more at Nasdaq: Broader Market Closes Lower as Chip Stocks Plunge