[New York Stock Exchange] Nasdaq Drops Over 1% on Micron Plunge

U.S. Treasury Yields Rise on Safe-Haven Demand
International Oil Prices Decline

On the 23rd (local time), all three major U.S. stock indices opened lower and then turned mixed. Shares of Micron Technology (Micron) plunged sharply, pulling down the Nasdaq index. Only the Dow Jones index reversed course to trade slightly higher.

As of 10:15 a.m. on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average stood at 51,719.97, up 7.26 points (0.01%) from the previous trading day. The S&P 500 index, which tracks large-cap stocks, was down 56.43 points (0.76%) at 7,416.36, while the technology-heavy Nasdaq index was down 295.23 points (1.13%) at 25,866.89.

View of the New York Stock Exchange. New York, USA – Photo by Yoonju Hwang

On this day, the market overall showed weakness as the sell-off in technology stocks that began the previous day accelerated overnight. Micron plunged 8.5% compared to the previous session, dragging down related sectors and indices.

Other semiconductor stocks were also mostly down, including SanDisk by 9.94%, Seagate Technology by 6.09%, Intel by 2.64%, AMD by 5.00%, and Qualcomm by 6.87%. SpaceX shares were fluctuating around the $154 level.

Cerebras, which recently went public, is scheduled to announce its earnings after the market closes today, while Micron will release its earnings after the market closes on Wednesday.

Bloomberg reported that the decline in the New York stock market came as the market appeared to be aiming to close the first half of the year with strong gains, buoyed by easing geopolitical tensions, solid corporate earnings, and a revival of AI-related investments.

Chris Low of FHN Financial pointed out, "This trade, reflecting risk aversion sentiment, shows concerns that excessive optimism about AI may be overdone."

Market analysts pointed to a combination of factors behind the decline: situations where individual investors trading on margin were forced to liquidate their positions, and large-scale selling in leveraged exchange-traded funds (ETFs) tracking the shares of SK hynix and Samsung Electronics.

Meanwhile, as risk aversion increased, U.S. Treasury prices rose, and safe-haven currencies such as the Japanese yen and Swiss franc strengthened against major currencies. In contrast, the virtual asset market took a hit, with Bitcoin prices falling by nearly 3.5%.

On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for August delivery was trading at $72.72 per barrel, down 1.54% from the previous session. On the ICE Futures Exchange, Brent crude for August delivery was down 1.50% at $76.68 per barrel.

This content was produced with the assistance of AI translation services.