Nasdaq Drops 1.65% Amid Sharp Decline in Memory Chip Stocks
US stocks declined with the Nasdaq falling 1.65% and the S&P 500 dropping 0.83%, led by a sell-off in AI-related chip stocks.
US stocks declined during the session, with the Nasdaq Composite Index dropping 1.65% and the S&P 500 index falling 0.83%.
Memory chip stocks and AI-related companies led the sell-off after the Philadelphia Semiconductor Index dropped more than 3%.
Quartz platform described the session as "Dow rises while Nasdaq falls as chip stocks drag Wall Street toward a weekly loss."
Palantir stock fell 7.15% during the session, making it the biggest loser among large-cap stocks.
What do these terms mean?
Nasdaq Composite Index: An index that includes most stocks listed on the Nasdaq exchange and measures their performance.
S&P 500: An index that includes about 500 of the largest listed US companies, serving as a broad market benchmark.
Semiconductors: Electronic chips that power devices and computing, with their stocks typically linked to the artificial intelligence sector.
Large-cap stocks: Stocks of companies with huge market capitalizations, such as major technology companies.
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