[New York Stocks] Major indexes fall together as Micron plunges 13%; SpaceX rebounds after four days

[Financial News]  

The three major New York stock indexes all closed lower on the 23rd (local time).
Chip stocks dragged the market down, with Micron plunging more than 13% and NVIDIA tumbling more than 4%.
Wall Street's fear gauge surged more than 12%, nearing the psychologically important 20 level.
Meanwhile, Elon Musk's SpaceX rebounded after four days. However, its gain, which had topped 7% intraday, faded to 0.9% by the close, showing little momentum.

The three major indexes were in a tug-of-war only in the Dow Jones Industrial Average until the final stretch, while the broader market had already turned lower.
The Dow Jones Industrial Average closed down 47.22 points, or 0.09%, at 51,665.84.
By contrast, the S&P 500 and the Nasdaq Composite, which have a heavy concentration of technology stocks, fell by around 2%.
The S&P 500 fell 107.33 points, or 1.44%, to 7,365.46, while the Nasdaq dropped 579.56 points, or 2.22%, to 25,587.04.
The Cboe Volatility Index (VIX), Wall Street's fear gauge, jumped 2.16 points, or 12.49%, to 19.44.

Chip stocks plunged.
Market leader NVIDIA fell 8.61 dollars, or 4.13%, to 200.04 dollars, while memory-chip giant Micron tumbled 159.61 dollars, or 13.18%, to 1,051.77 dollars.
Intel also dropped 8.66 dollars, or 6.14%, to 132.28 dollars, and SanDisk Corporation sank 310.13 dollars, or 13.64%, to 1,963.60 dollars.
AMD fell 31.78 dollars, or 5.76%, to 519.85 dollars, while Broadcom Inc. slipped 11.98 dollars, or 3.06%, to 380.15 dollars.
The iShares Semiconductor ETF (SOXX) plunged 51.50 dollars, or 7.86%, to 603.51 dollars.

SpaceX initially weakened, briefly falling below the 150-dollar level, its first-day opening price on the 12th, but it quickly rebounded. It later surged more than 7% and even touched 165.50 dollars.
But the rally lost steam, and profit-taking accelerated late in the session. In the end, the gain narrowed to around 1%.
SpaceX closed at 156.11 dollars, up 1.51 dollars, or 0.98%.
There is optimism that index-tracking funds will buy ahead of this week's index inclusion, but concerns remain that selling pressure could build as insider trading restrictions are lifted.

Big tech stocks moved in different directions.
Apple gave back its earlier gains and closed at 294.30 dollars, down 2.71 dollars, or 0.91%, while Alphabet Inc. extended its weakness and finished at 346.09 dollars, down 3.47 dollars, or 0.99%.
Tesla plunged 23.44 dollars, or 5.79%, to 381.61 dollars, and Palantir Technologies fell 2.80 dollars, or 2.34%, to 116.70 dollars.
By contrast, Microsoft rose 6.60 dollars, or 1.80%, to 373.94 dollars, while Amazon.com, Inc. gained 1.32 dollars, or 0.57%, to close at 234.11 dollars.

dympna@fnnews.com Song Kyung-jae Reporter