[U.S. Stocks] Nasdaq Falls for a Fifth Straight Day as Semiconductors Slide... Micron Plunges 8.9%

[Financial News]  

The mixed trend on NYSE continued on the 28th (local time).
The Dow Jones Industrial Average, made up of 30 blue-chip stocks, jumped more than 500 points, while the broader S&P 500 also rose 0.2% to finish slightly higher. In contrast, the tech-heavy Nasdaq fell 0.2%, marking its fifth straight decline on a trading-day basis since the 22nd.
Semiconductor stocks have faced sustained selling pressure amid concerns that the Artificial Intelligence (AI) boom may not last and that demand for chips could weaken, which has weighed on the Nasdaq.
Meanwhile, Apple, which had been left out of the AI boom, has turned that into an advantage and is now surging ahead. During intraday trading, its market capitalization topped $5 trillion for the first time ever. It became only the second company, after NVIDIA, to surpass that level.

The Dow rose 537.24 points, or 1.03%, from the previous session to close at 52,747.32, while the S&P 500 gained 15.60 points, or 0.21%, to finish at 7,428.78.
The Nasdaq, however, could not withstand the impact of semiconductor selling and closed down 55.17 points, or 0.22%, at 24,876.91.
Although tech stocks struggled, the Cboe Volatility Index (VIX), Wall Street's so-called fear gauge, actually fell. The VIX dropped 0.45 points, or 2.41%, to 18.21.

Selling pressure in semiconductors continued.
Micron plunged $79.67, or 8.85%, to $820.53, while SK hynix's American depositary receipt (ADR) tumbled $12.85, or 8.98%, to $130.17.
Advanced Micro Devices, Inc. (AMD) sank $40.33, or 8.15%, to $454.62, and Intel fell $5.37, or 5.86%, to $86.30.
Semiconductor exchange-traded funds also struggled.
The Roundhill Memory ETF (DRAM) plunged $4.66, or 8.89%, to $47.77, while the iShares Semiconductor ETF (SOXX) dropped $24.77, or 4.80%, to $491.46.

Big tech stocks were mostly strong.
Apple, which overtook NVIDIA the previous day to become the most valuable company by market cap, extended its rally and briefly crossed the $5 trillion mark.
However, it had to postpone that milestone on a closing basis. According to CNBC, Apple finished at $340.08, up $3.17, or 0.94%, giving it a closing market capitalization of $4.995 trillion. The stock has surged 25% this year.
NVIDIA rose $0.50, or 0.25%, to $197.01, while Alphabet Inc. gained $7.15, or 2.19%, to close at $333.71.
Microsoft (MS) climbed $4.25, or 1.09%, to $393.35, and SpaceX rebounded for the first time in a while, jumping $2.91, or 2.56%, to end at $116.41.
Tesla, meanwhile, slipped $1.78, or 0.58%, to $307.44, and Palantir Technologies plunged $8.00, or 6.08%, to $123.53.

[email protected] Song Kyung-jae Reporter