NASDAQ Down on Chip Weakness

Stocks fell on Tuesday as investors navigated a batch of disappointing company reports ahead of a key inflation reading.

The Dow Jones Industrials came off its lows of the morning, but still trailed breakeven 30.7 points to 32,801.84

The S&P 500 slipped 18.72 points to 4,120.34.

The NASDAQ Composite stumbled 181.27 points, or 1.4%, to 12,463.19.

The declines came after memory chipmaker Micron warned that revenue may fall short of its prior guidance because of “macroeconomic factors and supply chain constraints.” The stock fell more than 5%.

It’s been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group. Nvidia was lower again on Tuesday, shedding another 4% after a 6% decline on Monday.

Outside of chips, a pair of Nasdaq-listed stocks were also taking early hits. Novavax slumped 27% after slashing full-year revenue guidance because of poor demand for its COVID vaccines. Upstart declined nearly 10% after the consumer lending company reported second quarter results that missed both profit and revenue expectations.

Treasury prices staggered, raising yields to 2.79% from Monday’s 2.75%. Treasury prices and yields move in opposite directions.

Oil prices lost 51 cents to $90.25 U.S. a barrel.

Gold prices leaped $9.20 to $1,814.40 U.S. an ounce.

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