Nasdaq Takes Hit from Semiconductor Stocks; Nvidia Faces Key Earnings Report
The tech-heavy Nasdaq Composite fell nearly 1% on Monday, dragged down by semiconductor and AI-related stocks. The Dow Jones Industrial Average bucked the trend with a gain of 0.26%, thanks in part to strong performances from financial stocks like Visa and Mastercard.
Micron Technology led the declines among individual names, plunging 5.83% to $911.27, while AMD dropped 3.49% and Broadcom slid 2.63%. Taiwan Semiconductor Manufacturing's U.S.-listed shares declined 2.11%, and Nvidia fell 2.9%, extending its losing streak to seven consecutive sessions.
The Philadelphia Semiconductor Index plunged 2.7%, and market attention is now focused on Nvidia's upcoming earnings report, scheduled for Wednesday. Investors worry that slowing growth momentum could further intensify concerns about stretched valuations across AI-related stocks.