Intel and Qualcomm, semiconductors weaken following cancellation of export approvals to China
Federal Reserve officials keep talking
Photo = Getty Images As major technology stocks, led by semiconductor stocks, showed weakness and a rise in government bond yields, the US stock market, which had risen for four consecutive days, started lower on the 8th (local time).
The Dow fell 0.1%, the S&P 500 index fell 0.4%, and the Nasdaq composite index fell 0.6%.
The yield on 10-year government bonds rose 3bp (1bp=0.01%) from the previous day to 4.49%, and the yield on 2-year government bonds rose 1bp to 4.84%.
Intel (INTC) and Qualcomm (QCOM) fell 2.6% and 2.1%, respectively, in the opening bell following reports that the US Commerce Department had revoked export licenses for semiconductors that were due to be shipping to Huawei China for laptops and smartphones. Intel maintained its revenue guidance range of $12.5 billion to $13.5 billion for this year, but said it expected results to be below the midpoint.
In addition to Intel and Qualcomm, semiconductor stocks such as NVIDIA (NVDA), AMD (AMD), and Broadcom (AVGO) showed a general decline.
Shares of Tesla (TSLA) fell 4% after Reuters reported that US prosecutors are investigating Tesla for fraud as part of an investigation into its Autopilot system.
Most of the Magnificent Seven stocks fell, including Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), and Meta (META), while only Apple (AAPL), which announced a new iPad model for the first time in two. years the previous day, a little rose fell.
Shares of ride-hailing company Uber ( UBER ) fell 7% after reporting an unexpected net loss and weaker-than-expected orders. On the other hand, LYFT, the second-largest ride-hailing company, managed to attract new passengers in the US and Canada, posted better-than-expected quarterly sales and profits, and presented quarterly results and guidance, with its stock price soars 10%. after the market opens.
Meanwhile, speeches and remarks are scheduled on this day by several Federal Reserve officials, including Federal Reserve Vice Chairman Philip Jefferson and Boston Federal Reserve President Susan Collins.
Guest reporter Kim Jeong-ah kja@hankyung.com
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