LIVE MARKETS-Nasdaq, S&P 500 drop with Broadcom pushing chips into reverse
Broadcom Limited AVGO | 0.00 | |
UnitedHealth Group Incorporated UNH | 0.00 | |
Dow Jones Industrial Average DJI | 0.00 | |
CBOE Volatility Index | 0.00 | |
S&P 500 index SPX | 0.00 |
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NASDAQ, S&P 500 DROP WITH BROADCOM PUSHING CHIPS INTO REVERSE
The Nasdaq composite .IXIC is falling with the S&P 500 .SPX as technology is in the doldrums with a selloff in shares of Broadcom AVGO.O dampening the mood for the broader chip sector.
Shares in market heavyweight Broadcom are tumbling 15% after it didn't meet lofty expectations around demand for its custom AI chips business. This soured the mood for chips generally with the Philadelphia semiconductor index .SOX falling almost 5% and most stocks in the index turning varying degrees of red.
While technology .SPLRCT is the biggest loser among the S&P 500's 11 major industry sectors, healthcare .SPXHC is the biggest gainer with advances in insurance stocks. UnitedHealth UNH.N is among the leaders with a 5.8% rally after BofA upgraded its rating on the stock to "buy" from "neutral."
UNH is helping to boost the blue-chip Dow .DJI, which is up 1.5% in contrast with the S&P 500's modest decline.
Meanwhile, messages from the Middle East were still uncertain as Hezbollah rejected a ceasefire plan agreed by the Lebanese and Israeli governments in U.S.-mediated talks, as Israel kept up strikes in southern Lebanon on Thursday and said it wouldn't be withdrawing from the south.
But oil prices reflected some hopes of a deal with Brent down almost 3% and U.S. crude also falling more than 3%. Of the 11 industry sectors, energy .SPNY, off 0.7%, is providing some company for technology in the losers group.
Here is your morning snapshot from 10:10 a.m. ET (1410 GMT)
(Sinéad Carew)
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