28.07.202613:37:10UTC+00Chip Stocks Extend Selloff

US equity indices were mixed on Tuesday as chipmakers extended their selloff, in contrast to gains across most other sectors. The S&P 500 finished little changed, the Nasdaq 100 fell 1%, and the Dow Jones Industrial Average rose about 300 points. Concerns about slowing investment in AI infrastructure and the sustainability of data center spending weighed on compute and memory producers, with Micron and SanDisk each dropping more than 7%. Sentiment toward the sector was further pressured by optimism around Chinese rivals following the strong Shanghai IPO of CXMT. Nvidia declined 1.5%, while AMD lost roughly 5%.

By contrast, software-oriented and non-technology stocks largely advanced. Microsoft and Meta edged higher ahead of their earnings reports due tomorrow. Credit spreads continued to narrow, following the pullback in energy prices as US officials signaled a greater willingness to pursue diplomacy with Iran. JPMorgan gained, setting the tone for the banking sector, and Visa rose about 1% ahead of its earnings release after the close. Coca‑Cola added 3% after raising its guidance.