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American Stocks Decline Amid Chip Stocks Pressure Despite Positive Data
The U.S. stock markets experienced a significant decline due to a sharp fall in semiconductor company shares, despite the release of positive economic data and the continued strong earnings season. The Semiconductor Index dropped by 4.8%, leading to declines in the Nasdaq and S&P 500 indices, with losses concentrated in the technology sector. Although TSMC reported a quarterly profit increase of 77%, its shares fell by 3.5%, while shares of other chip manufacturers declined between 6.9% and 12.1%. Experts attribute this decline to the market beginning to realize that the chip industry is entering a normal cycle and that demand may disappear once market needs are met, prompting investors to adopt a more realistic outlook. On the other hand, shares of healthcare companies posted gains, while rising oil prices caused a decline in the outlooks for transportation and airline companies. Market analysts expect strong earnings growth in the second quarter, with projections of a 23.7% increase in the S&P 500 profits and a 65.5% rise in technology sector earnings.
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