Nasdaq 100 Tumbles as Chipmakers Weigh Down Broader Market
The stock market is experiencing mixed results today, with the S&P 500 Index down by -0.27%, while the Dow Jones Industrial Average is up by +0.26%.
The Nasdaq 100 Index fell to a three-week low due to weakness in chipmakers and AI-infrastructure stocks. This sector's decline weighed on broader market sentiment, along with the collapse of trade talks between Canada and the US last Friday, which prompted the US to apply a 50% tariff on about $20 billion of Canadian goods.
The Treasury Secretary will hold a press conference later today to detail plans to isolate Iran's economy. This comes as Iran's secretary of the Supreme National Security Council responded by saying that any country participating in or supporting America's economic war against the Iranian people would be regarded as an act of war, and no oil would be exported.
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32%, well above projections of +23%.