S&P 500 and Nasdaq decline amid chip stocks pressure despite inflation slowdown
The S&P 500 and Nasdaq indices declined due to a drop in chip company stocks, particularly Taiwan Semiconductor Manufacturing Company, whose shares fell 4.6% after announcing capital expenditure forecasts ranging between $60 billion and $64 billion—higher than the previous guidance of $52 billion to $56 billion. This put pressure on the chip sector, with the VanEck Semiconductor ETF decreasing by 2.2%, and shares of other companies such as Arm Holdings, SK Hynix, STMicroelectronics, AMSL, and Inphi Technologies also fell amid heightened capital expenditure expectations. Despite investor optimism about slowing inflation and strong corporate earnings, the U.S. market continued to be influenced by profit-taking, alongside gains in financial companies and declining Treasury yields.
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