Benzinga - by Piero Cingari, Benzinga Staff Writer.
Wall Street faces a continuation of last week’s trend during Monday’s morning trading, with semiconductor stocks selling off heavily and dragging down the tech sector, while the broader market remains largely unaffected.
Nvidia Corp. (NASDAQ:NVDA) fell over 4%, entering correction territory after dropping more than 14% from last week’s all-time highs.
SEC filings on insider activity reveal that Nvidia’s CEO Jen Huang sold more than $100 million worth of shares between June 13 and June 21, 2024, marking his first sale since December 2021.
The VanEck Semiconductor ETF (NYSE:SMH) fell over 2%, extending last week’s declines.
Alongside Nvidia, Marvell Technology Inc. (NASDAQ:MRVL) and Microchip Technology Inc. (NASDAQ:MCHP) were notable laggards, dropping 9.6% and 8.3%, respectively.
While the Nasdaq 100 eyes its third consecutive negative session, other major indices posted gains: the S&P 500 rose 0.3%, the Russell 2000 gained 0.8%, and the Dow Jones Industrial Average rallied 0.9%, potentially marking its strongest session since late May.
Treasury yields remained steady, the U.S. dollar fell 0.3%, gold prices increased 0.4% and energy-related commodities saw gains, with crude and natural gas up approximately 1% and 2%, respectively.
Bitcoin (CRYPTO: BTC) fell over 4% to $60,400, heading for its seventh negative session in the last eight, as the broader cryptocurrency market’s momentum remains fragile.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Dow Jones | 39,496.67 | 0.9% |
| Russell 2000 | 2,032.89 | 0.8% |
| S&P 500 | 5,482.39 | 0.3% |
| Nasdaq 100 | 19,629.54 | -0.4% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.2% higher to $545.59.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) was 0.9% higher to $394.65.
- The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was 0.6% lower to $477.21.
- Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up by 1.5%, while the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, falling 1.6%.
- Energy giants ConocoPhillips (NYSE:COP) and Exxon Mobil Corp. (NYSE:XOM) rallied nearly 3% in reaction to energy commodity gains.
- Qualcomm Inc. (NASDAQ:QCOM) fell over 3%, extending last week’s declines initiated by reports that artificial intelligence laptops powered by its Snapdragon processor had trouble running certain applications.
- Crypto-linked stocks such as Coinbase Global Inc. (NASDAQ:COIN), CleanSpark Inc. (NASDAQ:CLSK), and Marathon Digital Holdings Inc. (NASDAQ:MARA) fell 7%, 6% and 4%, respectively. Bitcoin-tied Super Micro Computer Inc. (NASDAQ:SMCI) tumbled 7.8%.
- ResMed Inc. (NYSE:RMD) plummeted over 11%, after it received a downgrade from Buy to Neutral by Citigroup.
- Alnylam Pharmaceuticals Inc. (NASDAQ:ALNY) surged over 30% after its investigational therapy vutrisiran for treating ATTR amyloidosis with cardiomyopathy met both its primary and secondary endpoints in a late-stage study.
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