Nasdaq Drops 0.7% While S&P Sinks 0.4% to Kick off July; Meta Surges 6%

Tiger Newspress07-01 21:30

Stocks slipped on Wednesday as chipmakers came under pressure following a strong first half of the year.

The Nasdaq Composite shed 0.7%, while the S&P 500 lost 0.4%. The Dow Jones Industrial Average shed 184 points, or 0.3%.

Micron plunged 6%, although it was still up around 277% in the year to date. Sandisk shed 8%, losing some steam after gaining more than 850% in the first half of 2026. Nvidia and Broadcom also fell roughly 3% and 2%, respectively.

Their declines come as investors take profit on semiconductor stocks following a record-smashing first half of the year for the group. The VanEck Semiconductor ETF (SMH) gained 82% in the first six months of the year, marking its best first-half since its inception in May, 2000.

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