S&P 500 Slips 0.2% as Apple and Tesla Offset 0.6% Chipmaker Rebound
Updated
Updated · Bloomberg · Jul 20
S&P 500 Slips 0.2% as Apple and Tesla Offset 0.6% Chipmaker Rebound
3 articles · Updated · Bloomberg · Jul 20
Summary
The S&P 500 erased early gains and closed down 0.2%, with Apple and Tesla the biggest point drags on the benchmark.
Apple and Tesla's declines checked a broader rally led by chipmakers, which rebounded ahead of a heavy earnings slate that will test whether Big Tech can meet elevated profit expectations.
The Nasdaq 100 still edged up less than 0.1%, helped by semiconductor shares after the index's worst week in almost a month.
The Philadelphia Semiconductor Index rose 0.6% after dropping into a bear market last week, underscoring how investors are rotating back into chips even as megacap weakness caps the broader market.