S&P 500 Falls 0.2% on July 1 as Tech Sector Declines 1.7%, AI Chip Stocks Drop Over 13%

On July 1, the S&P 500 fell 0.2% at market close, with the Technology sector down 1.7% and the Energy sector down 0.8%. Financial stocks rose 2.1%, while Telecommunications gained 2.6%.

The Nasdaq 100 declined 1.5%, with AI and chip stocks leading losses. Nebius Group fell 16.2%, CoreWeave dropped 13.6%, and storage chip makers including SanDisk, Teradyne, and Micron fell over 9%. ASML ADR declined 7.5%. Major tech stocks showed divergence, with Meta up 9%, AppLovin up 9.6%, and Palantir up 8.1%, while NVIDIA fell 1% and Broadcom fell over 10%. The Semiconductor Index fell 6.3%, and the U.S. Storage Chip Index fell over 8%.