Chip Stocks Did a Full 180 on Thursday. Here Is What Happened
TLDR
- The Dow fell while the Nasdaq rose after chip stocks reversed early losses
- AMD, Sandisk, and Western Digital saw sharp drops following earnings reports
- Nvidia gained after SpaceX said it would exclusively use Nvidia chips
- July layoffs hit their lowest level in two years, jobless claims held near flat
- Gold rose to multi-week highs as geopolitical uncertainty kept markets on edge
US markets gave a mixed picture on Thursday as investors worked through a busy stretch of earnings and fresh labor market data.
The Nasdaq Composite climbed 0.5% after opening lower, driven by a turnaround in chip stocks. The iShares Semiconductor ETF rallied 2% after an early sharp drop. The Dow Jones Industrial Average, which had been leading at the open, struggled to stay near breakeven. The S&P 500 edged up 0.2%.
The Dow had been trading at a record high earlier in the session but faced pressure from heavyweight components. Salesforce, International Business Machines, UnitedHealth Group, and Visa all weighed on the price-weighted index.
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