Nasdaq-100 Futures Drop 1.6% as Chip Rout Deepens and US Hits Iran for 6th Night
Updated
Updated · CNBC · Jul 16
Nasdaq-100 Futures Drop 1.6% as Chip Rout Deepens and US Hits Iran for 6th Night
3 articles · Updated · CNBC · Jul 16
Summary
Nasdaq-100 futures fell 1.6%, S&P 500 futures lost 0.8% and Dow futures dropped 301 points after Wall Street's chip-led sell-off spilled into Friday trading.
Taiwan Semiconductor's mixed second-quarter report helped extend the pressure: the VanEck Semiconductor ETF slid nearly 4% Thursday and was down 6.9% for the week, with Marvell, Micron and STMicroelectronics also retreating.
US Central Command said it completed a sixth straight night of strikes on Iran, hitting dozens of military and maritime targets as the broken truce again disrupted flows through the Strait of Hormuz, which carries about 20% of global oil traffic.
The sell-off spread across global markets, with Japan's Nikkei 225 down 4%, China's CSI 300 off 3.6%, and European chip names including ASML and ASMI falling 3.8% and 4.6%.
Even with the turbulence, the S&P 500 remains about 1% below its early-June record, while investors await July University of Michigan consumer sentiment data for clues on the economy.