Nasdaq Futures Drop 1% as Asian Chip Selloff Triggers Trading Halt
IXIC sits 32% above its 52-week low of $20,690.249.
Summary
Nasdaq futures are down about 1% after a sharp selloff in Asian semiconductor stocks, with South Korea's Kospi plunging over 6% and triggering a five-minute trading suspension. The weakness follows Monday's 0.4% decline in the Nasdaq Composite, which was pressured by Micron's 3.9% drop and Lumentum's nearly 11% slide on competition concerns from Chinese memory maker CXMT. The selling is selective, with Meta up 3.4% on new AI models and Salesforce up over 4% on an upgrade, while Chipotle fell 4% after Starbucks denied takeover interest. Traders are also positioning ahead of big bank earnings Tuesday and Wednesday's CPI report, with markets pricing a 20% chance of an October Fed hike. The chip selloff and trading halt in Asia are the key new developments driving futures lower.
At the time of this announcement, IXIC was trading at $27,245.90 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.