Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, June 24, 2024.
Brendan McDiarmid | Reuters
Stock futures were flat in overnight trading after a sell-off in favored technology names brought the Nasdaq Composite to its worst day since April.
Linked futures contracts Dow Jones Industrial Average He added 15 points. Standard & Poor's 500 And Nasdaq-100 Hovering near the flat line.
In extended circulation, SolarEdge technologies Its shares fell by 13% after announcing plans for a private placement of $300 million in convertible securities, while… Paul Company It fell 8% after adjusting its guidance to the downside.
During the regular session, Dow Jones Industrial Average It bucked Monday's selling, adding nearly 261 points, or 0.67%. the Standard & Poor's 500 It decreased by 0.31%, while it decreased Nasdaq Composite It fell 1.09% on its worst day since April as investors turned away from semiconductors.
Nvidia It fell nearly 7% on Monday, building on a 4% decline from last week. Other names related to semiconductors and artificial intelligence fell Super micro devices Down 8.7%. Qualcomm decreased by 5.5%, while Broadcom It fell nearly 4%. The IT sector was the worst performing sector on the overall index as a result, falling by 2.1%.
But the recent semi-final sell-off does not constitute anything alarming given historical patterns. Summer is typically a tough sector, noting that the third quarter typically registers as the worst period for the industry, Jeff DeGraff of Renaissance Macro Research told CNBC's “Closing Bell” on Monday.
“The good news is that I think Nvidia is still on the upside in the long term,” he said. “I think these corrections might be a buy. You just have to tone down that feeling.”
Wall Street looks to profits from fedex And Carnival on Tuesday as the season comes to a close. June Consumer Confidence, Richmond Fed Index and House Price Data are also on display ahead of Friday's PCE Price Index for May.
