U.S. stocks ended lower on July 17, according to market data from BIT (bit.com), with all three major indexes closing in the red. The Dow Jones Industrial Average fell 0.2%, the Nasdaq dropped 1.47%, and the S&P 500 lost 0.51%. The Philadelphia Semiconductor Index fell 4.3% on the day and is now down 22% from its mid-June high, meeting the threshold for a technical bear market. Semiconductor and memory-related names also posted steep losses. SK Hynix ADRs fell more than 13%, while SanDisk dropped more than 12%. Micron fell more than 5%, Western Digital lost more than 9%, and Seagate Technology declined 10%. The move added to pressure across the chip sector as the broader U.S. equity market also weakened.
U.S. stocks closed lower on July 17, according to market data from BIT (bit.com), with the three major indexes all ending in negative territory. The Dow Jones Industrial Average fell 0.2%, the Nasdaq dropped 1.47%, and the S&P 500 lost 0.51%.
Philadelphia Semiconductor Index enters a technical bear market
The Philadelphia Semiconductor Index fell 4.3% in a single session. The broader semiconductor sector is now down 22% from its mid-June high, officially entering a technical bear market.
Chip and memory shares post broad losses
Among individual names, SK Hynix ADRs fell more than 13%, SanDisk dropped more than 12%, Micron lost more than 5%, Western Digital fell more than 9%, and Seagate Technology declined 10%.
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