Nasdaq, S&P 500 end sharply lower on chips, megacaps

Quick Summary:

The S&P 500 and the Nasdaq tumbled on Wednesday as plunging microchip shares, in the face of potential escalation of US trade conflicts with China, exacerbated the ongoing rotation out of megacap tech-related stocks.

But some monetary policy makers, while acknowledging the central bank is getting closer to cutting rates, would prefer to see more data confirming that inflation is on a sustainable downward path.

The blue-chip average got a boost from Johnson & Johnson , UnitedHealth Group and, in defiance of the swooning chip sector, Intel Corp.

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Category: EconomyBusiness

Markets: MalaysiaChinaIndia

Topics: SP500 TradeConflicts MicrochipShares Markets NasdaqTumble FederalReserve DowJonesHigh MarketVolatility /Business/

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-18 @ 07:22:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 695 words

Reading Time: 4 minutes read

Sentences: 27 lines

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News ID: 21668467

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