On Wednesday, the Nasdaq slumped nearly 2% to a two-week low as chip and tech stocks faced pressure from impending U.S. trade curbs on semiconductor technology to China. A possible Biden Administration crackdown caused a 3.5% drop in the Philadelphia SE Semiconductor index.
Nvidia fell 4.3%, ASML's U.S.-listing slumped 9.2%, and Taiwan Semiconductor Manufacturing shed 6.4% after Donald Trump suggested Taiwan should pay for its U.S. defense. Other tech giants, including Apple, Microsoft, Meta Platforms, and Tesla also saw significant losses.
However, the Dow managed to hold its ground, driven by a 2.7% rise in Johnson & Johnson following strong quarterly sales. In contrast, Eli Lilly fell 2.3% due to promising early data from a rival's obesity drug. The overall market showed mixed results with investor unease reflected in Wall Street's 'fear gauge' hitting a six-week high.
(With inputs from agencies.)
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