Nasdaq Drops 0.64% as Iran Strike Fears and Chip Sell-off Offset Dow Gain
Updated
Updated · CNBC · Jul 23
Nasdaq Drops 0.64% as Iran Strike Fears and Chip Sell-off Offset Dow Gain
3 articles · Updated · CNBC · Jul 23
Summary
The S&P 500 finished nearly unchanged at 7,411.98, while the Nasdaq fell to 24,975.82 and the Dow rose 235.60 points to 51,947.25.
Intel sank nearly 8% despite beating quarterly estimates, dragging chip shares lower with Micron down 7%, AMD off 3.3%, Broadcom down 2.7% and the SMH ETF losing 3%.
Trump said he was close to deciding on a “massive attack” on Iran, and the New York Times reported he met top advisers Friday as U.S. strikes on Iranian targets entered a 13th straight night.
Brent crude settled down nearly 4% at $96.78 and WTI fell 3% to $89.31 after a Reuters report said Pakistan, with Chinese backing, was exploring new U.S.-Iran peace talks, though obstacles remained high.
For the week, the S&P 500 lost 0.6% and the Nasdaq 2.1% for back-to-back declines, while the Dow slipped 0.4% for a third straight weekly loss.