MARKETS CLOSE MIXED AS MEMORY CHIPS TUMBLE AND OIL HOLDS NEAR THREE-YEAR HIGHS
Today's tape:
- Dow: +0.32%
- S&P 500: -0.07%
- Nasdaq: -0.51%
The damage was concentrated in chips after Seagate $STX CEO told a JPMorgan conference new factories would "take too long" to meet AI demand, per CNBC.
The sector wipeout:
- Seagate $STX: -7%
- Micron $MU: -5%
- Western Digital $WDC: -5%
- Sandisk $SNDK: -5%
- Nvidia $NVDA: -1%
- Broadcom $AVGO: -1%
Meanwhile, oil stayed bid:
- WTI: +3% at $108.66
- Brent: +2% at $112.10
The 30-year Treasury yield is still hovering near its highest level in a year.
The S&P 500 and Nasdaq both hit fresh record highs just last week.
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Markets watch closely as Donald Trump meets with Xi Jinping in Beijing, JPMorgan Chase files for a tokenized money market fund on Ethereum, and Charles Schwab opens spot Bitcoin and Ether trading to 35 million clients.
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