Chip selloff drags Wall Street lower, offsetting solid earnings, economic data

Chip selloffs dragged major U.S. indexes lower on Thursday, offsetting generally solid earnings and economic data. Technology was the biggest laggard within the S&P 500, with the sector down 4.8% as semiconductor stocks weighed on the market, particularly the tech-heavy Nasdaq. The article cites that chip influence has risen, with the S&P 500’s chip weight now over 20% compared with about 8% a few years earlier. The weakness came despite TSMC’s quarterly profit rising 77%; U.S.-listed shares of the chipmaker fell 3.5%. Memory-chip makers were among the biggest decliners, with SanDisk, Western Digital, Seagate Technology, and Intel down between 6.9% and 12.1%. The Dow slipped 183.32 points to 52,473.99, the S&P 500 fell 39.70 points to 7,532.70, and the Nasdaq Composite dropped 313.66 points to 25,955.57. Healthcare stocks rose after UnitedHealth gained 2.5% on a forecast hike, while United Airlines fell 1.4% on oil-driven guidance concerns, and GE Aerospace dropped 6.3%.