Live Markets: Chip index falls further from highs as AI stocks retreat

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06/02/2024 17:15

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      Dow slightly green, S&P 500 slips, Nasdaq off ~0.5%
    

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      Materials lead S&P 500 sector gainers; tech weakest group
    

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      Euro STOXX 600 index up ~0.7%
    

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      Dollar slightly red; gold up, crude up >1%; bitcoin up ~2%
    

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      U.S. 10-Year Treasury yield falls to ~4.10%
    

  
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    CHIP INDEX FALLS FURTHER FROM HIGHS AS AI STOCKS RETREAT
    Chip stocks are tumbling on Tuesday, with AI darlings Nvidia
 NVDA.O , Advanced Micro Devices  AMD.O  and Broadcom  AVGO.O 
dipping from recent record highs.
    
    
    The PHLX semiconductor index  .SOX  is down 1.8%, giving up
all of its gains from Monday. The index is now down about 3%
from its record high close on Jan. 24.
    Nvidia, the world's most valuable chipmaker, dropped 2.1%
after hitting a record high the day before. Nvidia has surged
35% so far in 2024. 
    AMD is off more than 4% on the session and it is now down
about 3% since Jan. 30, when it boosted its 2024 forecast for
its AI processors by $1.5 billion but still disappointed
investors. AMD is up 13% year-to-date.
    Broadcom is down 1% on Tuesday, giving up an earlier gain of
more than 2%.
    Netherlands-based NXP Semiconductors  NXPI.O  reported
better-than-expected quarterly revenue late on Monday and its
U.S.-traded shares are up 0.4%.
    
    (Noel Randewich)
     *****
    
    
    FOR TUESDAY'S OTHER LIVE MARKETS POSTS:
    
    AIRLINES ASCEND ON STRONG DEMAND DESPITE MARGIN HEADWINDS -
CLICK HERE
    
    U.S. STOCKS SUBDUED, AWAITING MORE FED SPEAK - CLICK HERE
    
    MARKET BREADTH: TAIL OF TWO TAPES - CLICK HERE
    
    BEING BULLISH ON EUROPE INC, DESPITE THE WEAK MACRO - CLICK
HERE
    
    FED CUTS, RESILIENT GROWTH AND EARNINGS TO LIFT STOCKS -
CLICK HERE
    
    HOW TO GET AHEAD IN HIBERNATING MARKETS? - CLICK HERE
    
    EUROPE STOCKS TICK UP ON SOARING OIL AND GAS SHARES - CLICK
HERE
    
    EUROPEAN FUTURES POINT TO BUOYANT OPEN - CLICK HERE
    
    A DOSE OF REALITY FOR THE RATE CUT RALLY - CLICK HERE
    
    

     
 

    
    
    
    
    
    
    

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Chips vs S&P 500 over past two years    https://tmsnrt.rs/3HQLkP8
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