Top Stock Movers Now:ASML Holding ,Abbott Laboratories and more
Wall Street turned lower midday Wednesday, weighed down by a sharp selloff in semiconductor stocks and renewed geopolitical jitters. The Nasdaq dropped 1.9%, the S&P 500 fell 1%, and the Dow Jones Industrial Average eased 0.3%.
Semiconductors Take a Hit
The tech sector was under pressure following fresh U.S. government restrictions on chip exports to China. Shares of Nvidia (NVDA) and AMD (AMD) dropped after the companies signaled potential financial charges stemming from the new export curbs imposed by the Trump administration. Broadcom (AVGO) also declined in sympathy.
Adding to the woes, ASML Holding (ASML) shares slumped after the Dutch semiconductor equipment maker missed earnings expectations and issued a muted forecast.
Winners in Healthcare and Travel
In contrast, Abbott Laboratories (ABT) gained ground after beating Wall Street estimates in its latest earnings report, buoyed by solid sales of diagnostics and medical devices.
United Airlines (UAL) rallied as well, reporting a return to profitability in Q1 on record-setting revenue, signaling robust demand in the travel sector.
Miners Shine as Gold Hits Record
Gold miners including Newmont (NEM) and Gold Fields (GFI) surged as bullion prices hit a new all-time high. Investors piled into the safe haven amid mounting concerns over economic uncertainty and global trade tensions.
Other Movers
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Lyft (LYFT) advanced after Oppenheimer initiated coverage with an “outperform” rating, boosting sentiment around the ride-hailing company.
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Crude oil prices edged higher, while Treasury yields moved slightly lower.
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The U.S. dollar weakened against major currencies including the euro, yen, and pound.
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Bitcoin advanced, but many altcoins traded in the red.
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