S&P 500 Slips 0.2% as Chip Selloff Outweighs 10-Year Yield Drop to 4.7%
Updated
Updated · CNBC · Aug 23
S&P 500 Slips 0.2% as Chip Selloff Outweighs 10-Year Yield Drop to 4.7%
3 articles · Updated · CNBC · Aug 23
Summary
Micron fell more than 3%, AMD nearly 2% and Broadcom about 1%, pulling the SOXX semiconductor ETF down almost 2% and dragging the S&P 500 lower while the Nasdaq lost 0.5%.
The 10-year Treasury yield dropped 4 basis points to 4.7% and the 30-year fell to 5.23% after a CNBC report said the Treasury may tap its General Account to help fund debt buybacks.
Those lower yields offered only limited relief because investors remain worried that elevated global rates and a prolonged U.S.-Iran war could keep oil prices high and add to inflation pressure.
Wednesday's July PCE inflation report and Nvidia earnings, followed by Marvell on Thursday, now loom as the next tests for markets already rattled by reports of Nvidia server chip price hikes above 15%.