At 9:45 a.m. ET, the Dow Jones was up 0.07 per cent, the S&P 500 was down 0.96 per cent, the Nasdaq was down 1.83 per cent
Wall Street: Concerns over trade restrictions on firms providing China with access to cutting-edge semiconductor technology caused the S&P 500 and Nasdaq to dip on Wednesday. Major chip and tech stocks led the decline.
President Joe Biden is reportedly considering the strictest trade sanctions possible if businesses like Tokyo Electron of Japan and ASML of the Netherlands continue to export cutting-edge semiconductor technology to China, according to a report by the news agency Bloomberg.
The S&P 500 was down 54.33 points, or 0.96 percent, at 5,612.87, the Nasdaq Composite was down 338.95 points, or 1.83 percent, at 18,170.39, and the Dow Jones Industrial Average was up 28.20 points, or 0.07 percent, at 40,982.68, at 9:45 a.m. ET.
The Dow Jones Industrial Average dropped 91.91 points, or 0.22 percent, to 40,862.57 at the opening bell. The Nasdaq Composite down 321.15 points, or 1.74 percent, to 18,188.19, while the S&P 500 fell 57.13 points, or 1.01 percent, to 5,610.07.
Chipmaker Nvidia had a 4.3% decline, and ASML’s US-listed business fell 9.2%.
The stocks of Advanced Micro Devices, Marvell Technology, Broadcom, Qualcomm, Micron Technology, and Arm Holdings all had declines of more than 5%.
The US-listed shares of Taiwan Semiconductor Manufacturing experienced a 6.4% decline.
But Intel defied the chips meltdown and gained three percent.
Apple, Microsoft Meta Platforms, and Tesla stock all saw decreases ranging from 1.2% to 2.7%.
Johnson & Johnson’s stock increased 2.7% on the release of better-than-expected second-quarter earnings.
After lowering its projected revenue for the second quarter, Spirit Airlines saw a decline of 8.2%.
The yield on the 10-year Treasury note remained stable at 4.16 percent in the bond market.
Bullion
On Wednesday, gold prices reached a record high due to expectations of a Fed rate cut.
As of 1135 GMT, spot gold was up 0.1% at $2,469.80 an ounce, having earlier in the session reached an all-time high of $2,482.29. U.S. gold futures increased by 0.3% to $2,474.80. The price of silver dropped 1.2% to $31.02 an ounce.
Crude oil
Due to a drop in US oil stocks and a lower dollar, oil prices increased on Wednesday.
By 12:42 GMT, Brent crude oil futures had increased by 55 cents, or 0.7%, to $84.28 per barrel. Crude futures for the US West Texas Intermediate were up 75 cents, or 0.9%, at $81.51.
