Chip stocks plunge amid broader market declines

IPG Photonics

24/05/2022 18:04

** Major semiconductor cos decline dragging down
Philadelphia SE Semiconductor Index  .SOX  2.8%, while Nasdaq
 .IXIC  lead the slump amongst all Wall Street's indexes, after
Snapchat owner  SNAP.N  warned of missing Q2 forecast
    ** NVIDIA  NVDA.O  down 3.8%; analysts at BMO Capital
Markets and Truist Securities say softening in co's gaming chips
unit will be offset by data center segment growth  urn:newsml:reuters.com:*:nL3N2XG2MQ
    ** NVDA expected to post quarterly results on May 25 after
markets close
    ** Chip heavyweights Broadcom  AVGO.O , Intel  INTC.O  and
Qualcomm  QCOM.O  also contributed to the mix falling between
0.3% and about 3%
    ** IPG Photonics  IPGP.O  down 3.9%, Micron  MU.O  down
3.7%, AMD  AMD.O  down 3.2%, and Applied Materials  AMAT.O  down
2.6%
    ** YTD, SOX fell 26.6%, while the S&P 500  .SPX  was down
about 18%
    ** Snap Inc plunged as much as 41.7%, on track for biggest
pct drop ever, triggering a decline in several social media cos,
internet stocks and ad tech cos  urn:newsml:reuters.com:*:nL3N2XG284  urn:newsml:reuters.com:*:nL3N2XG284
 urn:newsml:reuters.com:*:nL3N2XG22M

 (Reporting by Shreyaa Narayanan in Bengaluru)
 ((Shreyaa.Narayanan@thomsonreuters.com))