The PHLX Semiconductor index dropped 3% in afternoon trading, despite a strong quarterly report from ASML. The Dutch equipment manufacturer announced record orders and raised its sales guidance, yet the positive news failed to sustain momentum. Shares of Micron, Marvell, Intel, and Advanced Micro Devices all faced downward pressure, signaling waning investor appetite for chipmakers.
In section Market Quotes
Megacap Gains Offset Semiconductor Slide
A surge in big-tech valuations anchored U.S. markets today, even as a broader sell-off hit semiconductor stocks. While major indexes held onto modest gains, the tech sector showed sharp divergence, with heavyweights like Apple and Microsoft balancing out a steep decline in chip manufacturers.
Contrasting the semiconductor slump, megacap technology stocks provided a vital floor for the Nasdaq, which climbed 0.3%. Apple, Alphabet, Microsoft, and Amazon.com all saw gains of 3% or more, preventing a deeper market retreat. Financial markets also reacted to robust performance in the asset management sector, where BlackRock pushed its assets under management above $15 trillion for the first time. This milestone fueled a rally in BlackRock shares, alongside gains for competitors including KKR, Ares Management, and Blackstone.
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