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| Strong selling pressure in semiconductor and AI stocks caused key Wall Street indices to fall across the board in the final trading session of the week. |
The US stock market closed in the red on June 26 (early morning of June 27 in Vietnam time) as a sell-off in semiconductor and artificial intelligence (AI) stocks outweighed the positive impact from falling oil prices. After weeks of strong gains, investors are tending to take profits and reassess the growth prospects of the technology sector, causing major indices to correct across the board.
At the close of trading, the Dow Jones Industrial Average fell 44.51 points, or 0.09%, to 51,876.11 points. The S&P 500 lost 3.47 points, or 0.05%, to 7,354.02 points, while the Nasdaq Composite dropped 60.99 points, or 0.24%, to 25,297.62 points. In contrast to the performance of large-cap stocks, the Russell 2000, representing smaller-cap companies, edged up 0.1%.
This marks the second consecutive weekly decline in the S&P 500 in the past 13 weeks, reflecting growing investor caution following a period of record highs. Notably, the Nasdaq had a less positive trading week, falling approximately 4.6%, primarily due to heavy selling pressure in AI and semiconductor stocks. Meanwhile, the Dow Jones still rose about 0.6% for the week, supported by defensive and value stocks.
The focus of the session was the plunge in semiconductor stocks. The PHLX Semiconductor Index fell as much as 5.3%, marking its sharpest weekly decline since April, as investors began to question the sustainability of the AI investment wave.
Within this group, ON Semiconductor disappointed, with its stock falling nearly 24% after announcing the acquisition of Synaptics in stock for approximately $7 billion. The market was concerned about the size of the deal, given that the semiconductor industry is entering a correction phase, and also about the potential risks involved in the integration process.
Micron Technology also lost about 6.7% as investors worried that rising memory costs would impact consumer demand for electronic devices. According to analysts, after a period of rapid growth fueled by AI expectations, semiconductor stocks are now under profit-taking pressure as investors begin to reassess the feasibility of realizing returns from massive investments in AI data centers.
According to Reuters, caution is rising as many investors question the effectiveness of the wave of spending worth hundreds of billions of dollars on AI infrastructure, while the pace of revenue and profit generation has not kept up with expectations. This is causing money to tend to flow out of stocks that have risen too sharply in recent months.
Conversely, some large-cap stocks still recorded positive performance. Apple rose more than 3% after the previous sharp decline as investors expected that price adjustments for its MacBook and iPad lines would help the company offset rising component costs.
In the healthcare sector, Moderna surged nearly 13% after announcing positive signals about its growing drug portfolio at an investor event. Eli Lilly also jumped sharply on news of receiving support from European regulators for a new treatment product.
One factor supporting the market during the session was the continued decline in oil prices to levels seen before tensions in the Middle East. Lower energy prices contributed to an improved outlook on business input costs, supporting airline and transportation stocks. American Airlines rose about 1.7% as investors anticipated improved earnings if fuel prices remained low.
In addition, US Treasury yields also fell slightly after surveys showed consumer inflation expectations were cooling. However, the market remained cautious about the outlook for monetary policy from the Federal Reserve (Fed).
Although inflationary pressures have eased somewhat, many investors still believe the Fed cannot ease policy anytime soon, given the continued resilience of the US economy. The market is currently awaiting the June jobs report, a crucial data point that will determine expectations regarding the interest rate trajectory in the coming months.
Experts believe the current correction is primarily technical following a prolonged rally in the technology and AI sectors. The long-term upward trend of the market remains unbroken, but volatility may increase as investors reassess the valuations of technology companies, while closely monitoring inflation and the Fed's policy direction.
In the short term, semiconductor and AI stocks are likely to remain the driving force behind Wall Street's volatility. If upcoming economic data continues to show the US economy maintaining strength, the market may face further corrections before establishing a more sustainable uptrend in the second half of the year.
Source: https://thoibaonganhang.vn/pho-wall-do-lua-vi-lan-song-ban-thao-co-phieu-chip-184066.html
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