US stocks drop amid semiconductor decline
There was a sharp decline in the U.S. stock markets, led by the semiconductor sector, as the Nasdaq index fell by more than 4%, marking the worst daily performance since late 2024. This drop was driven by decreased investor confidence following weak forecasts from Broadcom and concerns over rising bond yields after a strong May jobs report. Additionally, rising bond yields and a wave of sell-offs in technology assets exerted significant pressure on the market, with many chip stocks such as Intel, AMD, and Micron Technology experiencing declines. Despite the downturn, semiconductor stocks remain up approximately 75% since the beginning of the year, amid expectations of further investor position reductions ahead of SpaceX's initial public offering.
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