The New York stock market ended lower on Tuesday, under pressure from the semiconductor and technology sectors, as investors took positions ahead of the release of US inflation data on Wednesday, AFP reported.
- The Dow Jones index lost 0.18% and fell to 32,774.41 points
- The S&P 500 fell 0.42% to close at 4,122.47.
- Nasdaq fell by 1.19% to 12493.93 points.
Despite President Joe Biden signing a bill to support more than $50 billion in investment in the semiconductor industry, the sector marked the session after several pessimistic warnings about immediate demand for electronic components.
Micron Technology (-3.74%) warned that its quarterly revenue may miss forecasts. The company expects customer demand to fall due to economic uncertainty and supply difficulties to disrupt the company’s inventory management.
A day earlier, Nvidia (-3.97%) , another semiconductor maker specializing in graphics cards, also warned that it would see a “significant slowdown in video games” in the second quarter.
These two announcements affected the entire sector, from AMD (-4.53%) to Qualcomm (-3.59%), passing through Intel (-2.43%) and even Amazon (-1.13%), the main I’m into cloud computing and a big consumer of microprocessors.
Source: Hot News RO
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