US stocks It declined in early trading on the 30th, as traders sold off several key artificial intelligence (AI)-related stocks. The Nasdaq index fell 2.9%; The Dow Jones Industrial Index and S&P 500 index fell 0.3% and 1.2%, respectively; The Philadelphia Semiconductor Index fell 5.6%, and TSMC ADRs fell 3.8%.
Amazon announced its third-quarter revenue and profit after the market closed on the 29th, but both fell short of market expectations, causing the company’s stock price to fall more than 4% on the 29th. The company also reported negative free cash flow of $42.4 billion and maintained its capital spending forecast for this year at $220 billion.
intel It issued a weak financial forecast for the quarter and explained that this was mainly due to the slowdown in the personal computer (PC) business, due to which the company’s share price fell 29% in early trading. The company’s revenue in client computing and physical AI fell 5% to $8.1 billion from the same period last year.
Sandisk also fell 8.6% in early trading despite the company’s last quarter financial results being better than expected. Other chip stocks also came under heavy selling pressure.super micro It fell more than 9%, while Huida and Broadcom each fell more than 3%.
As investors sold technology stocks, defensive stocks like consumer staples and health care rose. P&G, Walmart and Coca-Cola each rose about 2%. Johnson & Johnson and Merck also rose about 2%.
