- US stock indexes are down today, with the S&P 500 (-1.10%), Dow Jones (-0.68%), and Nasdaq 100 (-1.55%) all in the red. Chipmaker weakness and tech stock slides are impacting the market.
- Higher T-note yields, up +3 bp to 4.10%, are undercutting stocks. Hawkish Fed comments have reduced the chances of a rate cut at the next FOMC meeting to 53%.
- President Trump signed legislation ending the government shutdown, providing funding and pay for furloughed workers. The closure may reduce Q1 GDP growth by 1.5%.
- European government bond yields are rising, with the 10-year German bund yield up to 2.682%. Eurozone industrial production rose +0.2%, while the UK experienced declines.
- Chip stocks like ARM, Broadcom, and Intel are falling, dragging down the market. Tech giants like Tesla, Nvidia, and Alphabet are also down, but Meta Platforms is up.
- Ardent Health, Webtoon Entertainment, and Ibotta Inc are among the top losers, while Dillard’s Inc, Sealed Air Corp, and Firefly Aerospace are among the top gainers.
- Albemarle leads S&P 500 gainers, while Cisco Systems and AutoZone are rising. Nike is also up after an upgrade from Wells Fargo Securities.
Read more at Barchart: Stocks Weighed Down by Weakness in Chipmakers and Megacap Tech Stocks