Global chip stocks fell on Tuesday after Samsung Electronics' second-quarter earnings forecast failed to meet lofty investor expectations, sending its shares down nearly 7% in South Korea. The Kospi index dropped almost 5%, while U.S. chipmakers Micron, KLA, Marvell Technology, Nvidia, Broadcom, and AMD all declined in pre-market trading. Nasdaq-100 futures fell about 1%, S&P 500 futures lost 0.1%, and Dow futures edged up 0.2%. Adam Crisafulli of Vital Knowledge noted that second-quarter earnings are likely to be robust but face very bullish expectations, posing a risk to markets. Separately, an attack by Iran's Revolutionary Guard on two commercial ships near the Strait of Hormuz pushed Brent crude up roughly 1% to near $73 a barrel.
Samsung Electronics Co LtdSamsung's Q2 earnings forecast missed lofty expectations, causing its shares to fall nearly 7%.
Advanced Micro Devices Inc
Broadcom Inc
Marvell Technology Group Ltd
NVIDIA Corporation
KLA Corporation
Micron Technology Inc