Nasdaq plunges 882 points as AI sell-off deepens ahead of key PMI data

Macro
โดย Zacks Investment Research·Read original
Summary · why it matters

The Nasdaq tumbled 882 points in its second straight day of heavy selling, led by a sharp retreat in AI-related stocks. Micron dropped 8% two days before its quarterly earnings, while the Dow fell 218 points and the S&P 500 lost 103. The tech-heavy index has now shed 1,100 points since Monday's open, slipping behind the small-cap Russell 2000 in year-to-date gains. Markets await flash June PMI readings for services and manufacturing, with services last at 50.7 and manufacturing at a three-year high of 55.1. After the close, FedEx reports fiscal Q4 results, KB Home faces a projected 71.3% earnings drop, and AI chipmaker Cerebras posts its first quarterly results since its May IPO.

Impact on stocks 5

Artificial Intelligence▲ · 2 stocks
Semiconductors▼ · 1 stocks
Micron Technology Inc
MU
▼ NegativeCapitalrelevance

Dropped 8% ahead of quarterly earnings, reflecting market pessimism.

Consumer Discretionary▼ · 1 stocks
KB Home
KBH
▼ NegativeCapitalrelevance

Projected 71.3% earnings drop is negative for the stock.

Industrials▲ · 1 stocks
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