S&P 500 and Nasdaq Fall for Third Straight Day as Tech Slumps, Oil Drops to Pre-War Lows

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Summary · why it matters

The S&P 500 and Nasdaq Composite fell for a third consecutive session on Wednesday, while oil prices dropped to their lowest since the Iran war began. The Nasdaq lost 0.4% and the S&P 500 slipped 0.1%, while the Dow Jones Industrial Average added 0.4%. West Texas Intermediate crude fell nearly 5% to $69.80 a barrel, and Brent crude also declined 5% to near $73. Memory stocks were mixed, with Micron closing slightly lower ahead of its earnings but soaring 13% after the bell on strong results, while Sandisk and Western Digital fell 2% and 4%. Cerebras shares tumbled 20% after the AI chip designer forecast narrowing gross margins in its first post-IPO report. JPMorgan raised its year-end S&P 500 target to 7,800, and BCA Research lifted its target to 8,100, both citing robust earnings growth. Gold sank below $4,000 an ounce for the first time since November, and Bitcoin traded around $61,000.

Impact on stocks 24

Artificial Intelligence▼ · 5 stocks
Semiconductors± Mixed · 3 stocks
Micron Technology Inc
MU
▲ PositiveCapitalrelevance

Micron reported strong earnings after the bell, causing shares to soar 13%.

Sandisk Corp
SNDK
▼ NegativeDemandrelevance

Sandisk fell 2% as part of a mixed memory stock performance, with no company-specific news.

Cloud & Digital Infrastructure▼ · 3 stocks
Western Digital Corporation
WDC
▼ NegativeDemandrelevance

Western Digital fell 4% as part of a mixed memory stock performance, with no company-specific news.

Consumer Discretionary▲ · 3 stocks
Communication Services▲ · 1 stocks
Consumer Staples▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
Industrials▲ · 1 stocks
Smart City / Autonomous Infrastructure▲ · 1 stocks
Digital Finance & Tokenization▲ · 1 stocks
Spatial Computing / AR/VR▲ · 1 stocks
Real Estate▲ · 1 stocks
Space Economy▲ · 1 stocks
Electrification & Mobility▲ · 1 stocks
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