Nasdaq Slides 1.9% as AI Jitters and Rate Fears Fuel Worst Day Since July
IXIC sits 29% above its 52-week low of $20,690.249.
Summary
The Nasdaq fell 1.9% and the S&P 500 dropped 1.1% on Wednesday, their biggest one-day declines since July, as a hot CPI report and a sharp selloff in AI-related tech stocks hit markets. CoreWeave tumbled more than 15% and the PHLX Semiconductor Index lost roughly 10% over six straight down days. The 10-year Treasury yield spiked to 5.329% intraday before settling at 5.189%, while Fed rate hike odds for October briefly jumped to 50% from 20% before easing to 35%. This follows Tuesday's AI selloff triggered by Broadcom's CEO comments and adds a second straight day of steep losses for AI names. The tech rout overshadowed the inflation data, with investors rotating into Treasurys as a safe haven.
At the time of this announcement, IXIC was trading at $26,692.87 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: Dow Jones Newswires.