Philadelphia Semiconductor Index Declines 4.6%, Storage Chip Index Falls 6.8% as Tech Stocks Weaken

Today, major U.S. stock indexes closed lower. The Philadelphia Semiconductor Index fell 4.6% while the Storage Chip Index dropped 6.8%. The Nasdaq-100 Index closed down 1.8%, with notable declines among chip-related stocks: Applovin and SanDisk fell 12.9%, Astera Labs dropped 12.4%, Arm Holdings declined 7.6%, and Intel slipped 5.9%.

The S&P 500 Index closed down 0.7%, with the technology sector down 1.9% and the telecommunications sector down 1%. Energy stocks bucked the trend, rising 3.1%.