The S&P 500 and Nasdaq Composite fell on Wednesday, with the tech-heavy Nasdaq losing 0.67% to close at 21,172.86. Investors are taking profits from several heavyweight technology and semiconductor names, citing high valuations and concerns about the artificial intelligence trade.
Palantir shares were down 7%, making it the worst-performing stock in the S&P 500 this week. The company’s shares have fallen for six consecutive sessions, following a report that showed strong financial results earlier this month.
Dan Ives, global head of technology research at Wedbush Securities, said Tuesday’s tech sell-off is nothing to fret about. He believes the artificial intelligence space will continue to be a key growth area and predicted the tech bull cycle would last for another 2-3 years.
Other tech stocks that fell on Wednesday include Intel, down 1%, Micron Technology, down 5.8%, and Dell Technologies, off 4.9%. The VanEck Semiconductor ETF (SMH) lost 0.2%.
The decline in tech stocks is part of a broader market downturn, with the Dow Jones Industrial Average up 45 points, or 0.1%. The S&P 500 was 0.1% lower, while the Nasdaq Composite shed nearly 0.4%.
Despite the sell-off, some stocks are seeing premarket gains. TJX gained 4.5% after reporting earnings of $1.10 per share on revenues of $14.40 billion. Analog Devices added 3% following the company’s earnings and revenue beat.
In other news, Estée Lauder slipped 7% after guiding for fiscal 2026 adjusted earnings below expectations. Hertz shares jumped more than 9.5% after announcing an Amazon Autos partnership. Lowe’s shares rose 4% on earnings beats, while Target fell 8% after reporting declining sales and a CEO departure.
Source: https://www.cnbc.com/2025/08/19/stock-market-today-live-updates.html