Live Markets: Nasdaq leads declines as chip stocks tumble

Apple

Yesterday 15:13

Nasdaq falls ~1.5%, S&P 500 off ~0.8%, Dow slips
September Leading Index change MM 0.0% vs -0.1% estimate
Euro STOXX 600 index off ~0.6%
Dollar up; US crude rallies ~2%; gold down ~2%; bitcoin falls >3%
US 10-year Treasury yield slides to ~5.03%
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NASDAQ LEADS DECLINES AS CHIP STOCKS TUMBLE
Wall Street's main indexes are under pressure early Thursday as investors digest earnings from mega-cap tech names TSLA.O and META.O. While the results offered few major surprises, they did little to ease lingering concerns about AI spending. A rebound in oil prices is adding another layer of caution across the market.
Growth stocks are bearing the brunt of the selling. The Nasdaq Composite .IXIC is down around 1.5%, making it the weakest of the major indexes, while semiconductor shares are once again under heavy pressure. The Philadelphia Semiconductor Index .SOX is tumbling more than 3%, extending a recent slide in chip stocks.
A majority of S&P 500 sectors are trading lower, with communication services .SPLRCL leading the declines, off more than 2%. On the other side of the ledger, investors are gravitating toward more defensive areas. Consumer staples .SPLRCS is the top-performing sector, up more than 1%.
Beneath the surface, there's plenty of divergence. Gold and silver miners .XAU are under significant pressure, and gold itself XAU= is falling even as the US 10-year Treasury yield US10YT=RR falls back to support in the 5.04%-5.02% zone. At the same time, regional banks .KRX, housing-related stocks .HGX and transports .DJT are bucking the broader weakness and trading higher.
The S&P 500 energy sector .SPNY touched a fresh intraday record high as oil prices are firmer although the sector is now down on the day. The healthcare sector .SPHXC also notched a new intraday record and is on track for a record close. The S&P 500 Value Index .IVX is also on track for a record close.
And despite a roughly 2% drop in the Roundhill Magnificent Seven ETF MAGS.K, not all of the mega-cap names are struggling. Apple AAPL.O is on pace to post a record closing high.
Here is a snapshot of where markets stood shortly after 10 a.m. ET.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
BOFA SAYS FEARS OF AI DISRUPTING SOFTWARE ARE OVERSTATED CLICK HERE
NASDAQ'S FIVE-MONTH STALL LEAVES SUPPORT IN THE SPOTLIGHT CLICK HERE
EUROPEAN HEALTHCARE AND CONSUMER STOCKS AS AI HEDGES CLICK HERE
GO LONG GILTS INTO THE BUDGET, UBS SAYS CLICK HERE
LOTS OF REASONS TO SELL EUROPEAN STOCKS ON THURSDAY CLICK HERE
BEFORE THE BELL: LOTS OF COMPANIES REPORTING INTO A SHAKY MARKET CLICK HERE
MORNING BID: FRANCE'S DEBT STRAINS, AI IN FOCUS CLICK HERE
     

EarlyTrade10222026 https://fingfx.thomsonreuters.com/gfx/buzz/lgpdbgarbpo/EarlyTrade10222026.png
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)