Major chip stocks slide, Dow rises 150 points Wednesday
Big chip companies like AMD, Intel, Micron, Sandisk, Western Digital, and SK Hynix saw their stocks drop 3.5% to 9% on Wednesday. NVIDIA was the only one to end up in the green.
Even with this tech slump, the overall market had a good day: the Dow jumped 150 points after a midday dip, while the S&P 500 and Nasdaq both closed higher.
Softer June inflation, Hormuz oil risk
June's inflation numbers came in lower than expected thanks to cheaper energy prices, so no immediate worries about interest rates rising.
But experts say tensions near the Strait of Hormuz could mess with oil supplies and push prices back up if things get worse.
S&P 0.4% and Nasdaq 0.6% gains
Despite chip stock struggles, the Dow Jones ended 150 points higher and the S&P 500 gained 0.4% on softer inflation data.
The Nasdaq Composite also gained 0.6%.