Semiconductor Stocks Boost Nasdaq While Amgen Takes a Hit
The Nasdaq Composite Index rose on Friday in line with other major Wall Street indexes after the latest consumer inflation report came out as expected.
The tech-heavy index gained +0.96% for the day, but ended the holiday-shortened week at a slight loss of 0.65%, due to being closed on Monday for Labor Day.
Semiconductor stocks led the charge with Advanced Micro Devices AMD rising over 13%. Marvell Technology MRVL and Intel INTC followed closely behind as Piper Sandler initiated coverage, giving them Overweight ratings along with other chip stocks.
However, Amgen AMGN fell hard after Novartis NVS announced a late-stage trial setback for its heart disease therapy being developed with Ionis Pharmaceuticals IONS. Thomson Reuters TRI also took a hit at nearly 13% after revealing a cybersecurity incident involving its C-Track court management platform.