Nasdaq 100 Drops 1.27% as Chip Sell-off Slams SOXX More Than 4%
Updated
Updated · Barchart · Jul 24
Nasdaq 100 Drops 1.27% as Chip Sell-off Slams SOXX More Than 4%
3 articles · Updated · Barchart · Jul 24
Summary
SOXX sank more than 4% on Friday, dragging the Nasdaq 100 down 1.27% as investors questioned whether AI-driven chip demand and data-center spending can hold up.
Intel’s upbeat Q3 revenue forecast of $15.8 billion to $16.8 billion failed to steady the sector; Intel fell more than 7% and Arm, Marvell, Micron and GlobalFoundries each lost over 5%.
Trump’s new 10% to 12.5% tariffs on 60 nations and his threat of additional EU tariffs added pressure, while comments about a possible larger US attack on Iran kept geopolitical risk elevated.
WTI crude fell 3.12% as Red Sea shipments continued despite Houthi threats, and the 10-year Treasury yield slipped 1.4 basis points to 4.679%, offering only limited support to equities.
The slide came despite generally solid US data and strong earnings expectations, with Bloomberg Intelligence projecting 23% Q2 profit growth and AI infrastructure stocks driving nearly 60% of S&P 500 EPS gains.