[Wall Street] Stocks fall across the board amid semiconductor rout; SOXL plunges 12.7%

[Financial News]  

New York stocks fell across the board on the 16th (local time).
International oil prices surged, and investors dumped semiconductor and AI stocks, fueling heavy selling, particularly in technology shares.
The Nasdaq had its worst week since June, while the Direxion Daily Semiconductor Bull 3X ETF (SOXL) plunged nearly 13%.

Technology stocks dragged the indexes lower that day.
The S&P 500 fell 84.62 points (1.09%) from the previous session to 7,659.44, while the Nasdaq plunged 572.99 points (2.15%) to 26,140.03.
The S&P 500 and Nasdaq fell below their 50-day moving averages, signaling that short-term weakness could persist.
The Dow Jones Industrial Average, made up of 30 large-cap blue-chip stocks, posted a smaller decline. The Dow closed down 175.28 points (0.34%) at 52,002.41.
The three major indexes—the Dow, S&P 500 and Nasdaq—moved in different directions for the week.
The S&P 500 and Nasdaq plunged 1.95% and 4.48%, respectively. The Nasdaq’s weekly decline was its biggest since June.
The Dow, by contrast, rose 0.67% over the week.
Amid selling in technology stocks, the Chicago Board Options Exchange (CBOE) Volatility Index (VIX), Wall Street’s “fear gauge,” surged. The VIX jumped 3.55 points (21.57%) to 20.01, surpassing the psychologically significant 20 mark.
Meanwhile, the Nasdaq 100, made up of 100 large technology stocks, plunged 748.05 points (2.50%) to 29,187.55. The ProShares UltraPro QQQ (TQQQ), a leveraged ETF that tracks three times the index’s daily moves, fell $5.61 (7.60%) to $68.21.

Semiconductor stocks came under heavy selling pressure.
Sector leader Nvidia fell $2.53 (1.17%) to $214.70, while Micron plunged $38.45 (4.13%) to close at $892.79.
Intel plunged $4.79 (5.02%) to $90.58, while SK hynix’s American depositary receipt (ADR) tumbled $8.29 (5.68%) to $137.82.
The Philadelphia Semiconductor Index (SOX) slid 443.93 points (3.83%) to 11,137.29.
SOXL, a leveraged ETF made up of 30 major semiconductor stocks, plunged $13.68 (12.74%) to $93.67. It fell 33% for the week.

AI-related stocks also tumbled alongside semiconductors amid the sharp sell-off.
Alphabet fell $8.63 (2.47%) to $340.59, while Microsoft (MS) closed down $10.39 (1.93%) at $529.05.
Palantir plunged $14.47 (7.22%) to $186.03, while Meta Platforms also fell $27.39 (3.72%) to $709.33.
Tesla fell $7.72 (2.13%) to $354.72, while SpaceX closed down $2.59 (1.74%) at $146.03.
Apple Inc., which has fallen behind in the AI race, was the only Big Tech stock to rise, as its foldable phone, the “iPhone Duo,” faced severe shortages from the first day of preorders. It closed up $1.46 (0.43%) at $343.46. Apple Inc. gained more than 2% for the week.

[email protected] Song Gyeong-jae Reporter