Chipmakers and China: S&P 500 extends decline to 50 points | Forexlive
SPX daily
Chipmakers and China are weighing on US equity markets.
The main catalyst for the selloff was a soft guide from ASML in results that were accidentally released early. Shares of the company are down 17% and have led to 5% declines in Nvidia and AMD among other chip names. Other laggards are China stocks with JD down 9% and BIDU down 5%.
It’s not all bad news with cruise lines strong in a good sign for consumers and banks holding up after upbeat earnings from BAC, GS and Citi.
The selling has accelerated in the past 30 minutes and the S&P 500 has now erased yesterday’s record rally.