Tech Stocks Drop Ahead Of Key Earnings; Nvidia Falls, CrowdStrike Hits 8-Month Low: What's Driving Markets Tuesday?
Investor sentiment took a hit on Tuesday as caution prevailed ahead of significant market events, including key tech earnings reports and the Federal Open Market Committee meeting.
The Nasdaq 100, heavily weighted with tech stocks, experienced the most significant decline among major U.S. indices, dropping 1.5%. Semiconductor stocks were particularly affected, with Nvidia Corp. (NASDAQ: NVDA ) plummeting over 6% to a two-month low, impacting the entire industry.
Consequently, the iShares Semiconductor ETF (NYSE: SOXX ) fell nearly 3%, marking its sixth negative close in the last eight sessions.
The S&P 500 also dipped 0.8%, primarily due to its heavy tech exposure, while the Dow Jones and Russell 2000 managed to avoid losses. Notably, the iShares Russell 2000 ETF (NYSE: IWM ) has outperformed tech stocks by 15% so far this month.
Microsoft Corp. (NYSE: MSFT ) declined more than 1% ahead of its post-market earnings announcement, while Apple Inc ., Alphabet Inc. (NASDAQ: GOOGL ), and Meta Platforms Inc . (NASDAQ: META ) experienced smaller losses in anticipation of their reports later in the week.
Crowdstrike Holdings Inc. (NASDAQ: CRWD ) was the worst-performing tech stock on Tuesday, plunging nearly 12% after Delta Air Lines announced it would seek compensation from the cybersecurity firm for last week's outage.
Meanwhile, Treasury yields remained steady, gold edged up 0.3%, and the Japanese yen, tracked by the Invesco CurrencyShares Japanese Yen Trus t (NYSE: FXY ), gained 0.4% against the dollar in anticipation of a potential Bank of Japan rate hike.
Bitcoin (CRYPTO: BTC ) fell 1.5% to $65,812.
Tuesday’s Performance In Major US Indices, ETFs
|
Major Indices |
Price |
1-day %chg |
|
Dow Jones |
40,607.10 |
0.2% |
|
Russell 2000 |
2,242.74 |
0.1% |
|
S&P 500 |
5,422.36 |
-0.8% |
|
Nasdaq 100 |
18,778.20 |
-1.5% |
Updated at 12:38 p.m. ET
According to Benzinga Pro data:
Tuesday’s Stock Movers
Stocks moving on earnings were:
Companies reporting earnings after the close include:
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This article Tech Stocks Drop Ahead Of Key Earnings; Nvidia Falls, CrowdStrike Hits 8-Month Low: What's Driving Markets Tuesday? originally appeared on Benzinga.com
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