NEW YORK, United States (US): United States (US) stocks ended lower on Tuesday, dragged down by sharp declines in memory chip and semiconductor stocks amid broader concerns over the AI sector, reported Xinhua.
The Dow Jones Industrial Average fell by 45.87 points, or 0.09 per cent, to 51,666.84.
The S&P 500 sank 107.33 points, or 1.44 per cent, to 7,365.46. The Nasdaq Composite Index shed 579.56 points, or 2.21 per cent, to 25,587.04.
Six of the 11 primary S&P 500 sectors ended in the green, with consumer staples and health leading the gainers by rising 1.78 per cent and 1.37 per cent, respectively.
Meanwhile, technology and industrials led the laggards by dropping 3.66 per cent and 2.03 per cent, respectively.
Micron Technology plunged 13.18 per cent one day ahead of widely awaited earnings results, SanDisk fell 13.64 per cent, and Seagate Technology Holdings lost more than five per cent.
The shares of Intel, Advanced Micro Devices and Qualcomm all fell more than five per cent on Tuesday.
Alphabet continued its recent weakness, slipping 0.77 per cent after an about five per cent drop on Monday linked to concerns over high-profile AI talent departures.
On the economic front, the US composite purchasing managers’ index (PMI) unexpectedly rose to 52.2 in June from 51.5 in May, beating the consensus forecast of 51.2, according to preliminary data released by S&P Global.
“Brighter news out of West Asia has helped restore some confidence among US businesses in June, though the overall rate of economic growth signalled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. – BERNAMA-XINHUA
