U.S. Semiconductor Index Falls 6.8%, Astera Labs Drops 12% on July 7

Storage chip stocks led a selloff today with the U.S. storage chip index falling 6.8%, while the Philadelphia Semiconductor Index declined 4.9%. The Nasdaq-100 dropped 1.8%, with Astera Labs sinking 12%, Teradyne sliding 10.3%, and Intel falling 10.1%. Marvell Technology, Western Digital, Nebius, KLA, Lam Research, and SanDisk each lost at least 7.1%.

The S&P 500 fell 0.4%, with technology down 1.8% and industrials off 1.6%. Energy stocks bucked the trend, gaining 3.2%, led by Chevron's 3.6% rise. Thomson Reuters, Workday, Regeneron, and Gilead Sciences posted gains of 3.2% to 5.2%.