Semiconductor stocks fell sharply Friday, pulling the Nasdaq lower. The PHLX Semiconductor Index traded near 10,094 at 1:53 p.m. Eastern, down about 412 points, or 3.9%, from Thursday’s close of 10,506.67. The index had been down as much as 6.4% in late morning before trimming its losses.
Advanced Micro Devices led the decline. Its shares traded near $529, down about $56, or 9.6%, from Thursday’s close of $585.30, after falling as low as $520.01. Broadcom was down 4.9% at about $347, Micron fell 4.0% to about $766, Intel slipped 3.4% to about $59 and Nvidia was down 2.2% at about $162.50.
The Nasdaq Composite was down about 0.96% near 25,122, while the S&P 500 fell about 0.5% to near 7,553. The Dow Jones Industrial Average was roughly flat.
Yahoo Finance tied the slide to two pressures: the resignation of Nvidia chief executive Jensen Huang, announced Thursday, and a government report Friday morning showing U.S. producer prices up 6.5% from a year earlier, the biggest annual rise since 2022. Hot inflation readings have lifted bets on a Federal Reserve rate increase in December, and the 10-year Treasury yield traded near 5.14%. None of the five chipmakers filed new information with the SEC on Friday.
The figures are from afternoon trading and will change by the close.
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