Weakness in Semiconductors Sends Nasdaq Down Over 1%
Weakness in Semiconductors, Semi Equipment, and Memory weighed on sentiment in Tuesday trading, sending the tech-dominated Nasdaq down by over 1%. Technology was also the third worst performing sector in the S&P 500, though it was Industrials - the sector heavily involved in the AI capex buildout - that was the worst performing space in the benchmark index. Among the most notable decliners in the two sectors were Intel, Teradyneand Generacwith losses of nearly 10% and with all three names hitting multi-week lows.The winner circle was mostly occupied by Energy names - Exxon Mobiland Chevronwere up nearly 4%, though it was Occidental Petroleumleading the index with a near-6% gain. Software names - which have recently traded in opposition to AI-buildout related tech stocks also benefited. Workdaygained 4% and Intuitrallied 3%.In the evening hours, investors are monitoring re-escalation of conflict in the Middle East. Following overnight strikes on commercial vessels by Iran in the Strait of Hormuz, U.S. military has retaliated with strikes on Iranian targets. WTI Crude Oil futures are up as a result and Index futures are lower - WTI is above $72 per barrel while S&P e-minis and Nasdaq 100 are off by 0.1%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Penguin Solutionsup 5.9%ALSO HIGHER -Enerpac Tool Groupup 7.4% after announcing SFE Group acquisitionTransoceanup 1.4% after insider buyingDOWN AFTER EARNINGS -Kura Sushi USAdown 7.3%Saratoga Investmentdown 3.0%ALSO LOWER -FuelCell Energydown 18.0% after equity offering
