Stock Market Today, July 16: Micron Plunges as Tech Stocks Extend Sell-Off
Global stock markets experienced a sell-off led by technology and chip stocks, with Micron Technology falling significantly. Investors are expressing concerns over AI spending and geopolitical tensions between the U.S. and Iran.
Why it matters
Market volatility in the tech sector reflects broader investor anxiety regarding the sustainability of the AI boom and global stability.
The Nasdaq Composite ( ^IXIC 1.47% ) fell 1.47% to 25,882, the S&P 500 ( ^GSPC 0.51% ) slipped 0.51% to 7,534, and the Dow Jones Industrial Average ( ^DJI 0.20% ) edged 0.20% lower to 52,553 as global technology stocks extended yesterday's sell-off.
Gold prices fell 1.85% to $3,972.75 as of U.S. market close, and the 10-Year Treasury yield inched up 0.01% to 4.56%. Consumer defensive and healthcare stocks led sector gains, while communication services and tech stocks finished as the laggards.
The broad sell-off in memory names continued and Micron Technology plunged almost 6%. Shares of Taiwan Semiconductor Manufacturing Company declined despite record earnings due to concerns about artificial intelligence (AI) spending. Space Exploration Technologies fell below its initial public offering price just weeks after its market debut as geopolitical tensions weighed on high-growth stocks. Abbott Laboratories surged over 10% on strong earnings.
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