Monday , January 30 2023

Nasdaq declined 2% to weaker chip stocks


(Nasdaq) composite index fell 2.5% on Monday. Both vendors were hurt by a slump in Apple shares as they reduced their forecasts, urged the sale of other iPhone component makers, and weighted technology stocks.

Apple shares fell 4.4 percent to $ 195.40, the lowest level since July 27, the day after Lamberum Holdings Inc., the leading provider of Face ID technology, and Japan Display Inc., a screen maker, reduced their forecasts.

Lumenum plunged 29.6%, overwhelming other Apple suppliers. Many of them are Cirrus Logic Inc, Qorvo Inc, Skyworks Solutions Inc. It was the same chip manufacturer.

The technology sector, which led the bullish US stock market, fell 3.2%, while the Philadelphia SE semiconductor index fell 4.1%.

"These are growth stocks," said Kim Forrest, senior portfolio manager for portals in Fort Pitt Capital Group, Pittsburgh.

"This does not necessarily mean that technology is being rejected by consumers, and we may expect to see new phone sales in the short term," he said.

Previously, a rebound in oil prices provided some relief for energy stocks, but they were pushed to wider selling pressure with the S & P Energy Index down 1.2%.

The Dow Jones industrial average fell 492.79, or 1.90 percent, to 25,496.51. The Standard & Poor's 500 index fell 45.77, or 1.65 percent, to 2,735.24. The Nasdaq composite index lost 188.37, or 2.54 percent. 7,218.53.

Holidays in the US bond market against Veterans Day could curb trading volume, analysts said.

"When the bond market closes, there is a lack of catalysts to push the market further," said Lindsey Bell, CFRA Research's investment strategist.

Nine out of eleven key S & P sectors were lower than defensive real estate and utility sectors.

Goldman Sachs Group Inc. fell 7.1% on the Dow. Malaysian Finance Minister Lim Guan Eng said the IMDB is seeking a full refund of all fees paid to the Wall Street bank that paid billions of dollars, Bloomberg reported. (

The financial sector fell 1.6%.

General Electric chief executive Larry Culp has said the company will sell assets to lower its leverage in an effort to overburden its debt and for the first time since March 2009 it slipped 10 percent to $ 8 It was below.

Down issues for the 1.98 to 1 ratio of the New York Stock Exchange (NYSE) and the 2.50 to 1 ratio of the Nasdaq.

The S & P index gained 28 weeks with a 52-week high and a 10-week low. The Nasdaq had 17 record highs and 124 record lows.

(See Sruthi Shankar of Bengaluru, edited by Shounak Dasgupta)

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