US equity markets pulled off the kind of late-day reversal that makes portfolio managers reach for the antacids. The Dow, S&P 500, and Nasdaq all gave up their morning gains in the final hour of trading, capping what has become an increasingly uncomfortable stretch for investors betting on the tech-led rally to continue indefinitely.
The S&P 500 fell 0.1%, marking its third consecutive losing session. The Nasdaq Composite dropped 0.4%, weighed down heavily by weakness across the semiconductor sector. The Dow, which had managed a 0.4% gain earlier in the week, joined the downward slide in the session’s closing minutes.
Chip stocks lead the retreat
The culprit behind the broader market weakness has a familiar name: semiconductors. Memory-chip manufacturers including Samsung, SK Hynix, and Micron have been under significant pressure, dragging the technology sector lower and taking the major indices along for the ride.
The Nasdaq Composite traded as low as approximately 25,358 during the volatile stretch, well off its recent highs near 26,166. The S&P 500 hovered in a range between roughly 7,357 and 7,472, unable to find stable footing as sellers overwhelmed buyers into the close.
