Wall Street Ends Lower as AI-Related Chip Stocks Tumble | Honolulu Star-Advertiser
Moderna climbed 13% after an investor event, while the PHLX chip index fell more than 4% and ON Semiconductor dropped 24% on a Synaptics deal.
- The S&P 500 ended marginally lower on Friday, declining 0.05% as AI-related chip stocks tumbled 5.3%, underscoring persistent volatility in the sector.
- Apple rallied 3.1% after raising MacBook and iPad prices, blaming soaring memory and storage chip costs. Art Hogan, chief market strategist at B. Riley Wealth, warned this reflects a comparable supply shock creating renewed inflationary pressure.
- Moderna surged 13% to its highest level since 2024 after showcasing its pipeline at an investor event, while ON Semiconductor dropped 24% after agreeing to acquire Synaptics in a deal valued at about $7 billion.
- Weekly losses for the PHLX chip index reached 7.9%, marking its worst week since early April, while the Nasdaq remained on pace for a drop exceeding 4% for the week.
- David Stubbs, chief investment strategist at AlphaCore Wealth Advisory, warned that Wall Street remains vulnerable to earnings disappointments, as reports that OpenAI might delay its public debut until next year weighed on investor sentiment.
13 Articles
13 Articles
Times of India
The Economic TimesUS stocks: US market ends lower as tech stocks weigh on sentiment
Wall Street ended lower on Friday, with AI chip stocks experiencing a significant downturn while Moderna and other healthcare companies surged. Investors are weighing the long-term potential of AI against concerns about the substantial investment required for data centers. Inflationary pressures, fueled by energy prices and chip costs, remain a concern, impacting companies like Apple and prompting discussions about potential interest rate hikes.
Wall Street Mixed as Moderna Rallies and Chips Tumble
Wall Street was mixed on Friday, with gains in Moderna and other healthcare stocks, while AI-related chip stocks tumbled from recent highs. The Nasdaq was on pace for a more than 4% drop for the week and the S&P 500 was set for a fall of over 1% as high-flying semiconductor companies remained under pressure despite strong earnings from Micron Technology. Apple rose 1.5%, rebounding partly from a selloff on Thursday, when it raised iPad and MacBo…
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