Stock Market Update
16-Jul-26 10:05 ET
Semiconductors slide, broader market sees rotational strength
Dow +4.17
at 52662.81,
Nasdaq -212.28
at 26077.95,
S&P -19.12
at 7553.28
[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.8%), and DJIA (flat) are mostly lower as semiconductor stocks face an extension of this week's pressure while the broader market trends mostly higher.
After another volatile showing from SK hynix Inc.'s (SKHY 164.32, -12.14, -6.88%) SKHY's Korean-listed shares overnight, memory names such as Sandisk (SNDK 1512.85, -102.15, -6.33%) are facing sharp losses again today.
A host of other semiconductor names, including Corning (GLW 162.15, -12.26, -7.03%) face similar losses, and the PHLX Semiconductor Index is down 2.8%, putting pressure on the top-weighted information technology sector (-1.6%).
Elsewhere, investors are rotating into more defensive-oriented pockets of the market, with the health care (+2.5%) and consumer staples (+1.9%) sectors sporting wide gains. UnitedHealth (UNH 451.97, +33.45, +7.99%) trades sharply higher after topping earnings expectations, helping the DJIA outpace the other major averages.
Just released, Business Inventories increased 0.3% in May (Briefing.com consensus 0.3%, from an upwardly revised previous increase of 0.6% (from 0.5%).
The NAHB Housing Market Index contracted to 34 in July (Briefing.com consensus 37), from an upwardly revised prior reading of 36 (from 35).
Pending Home Sales decreased 5.4% in June (Briefing.com consensus 0.4%), from a downwardly revised previous increase of 3.5% (from 3.8%).
