Index closes
Tech drove the losses. The Nasdaq 100 fell 1.22% to 27,944. The S&P 500 lost 0.4% to 7,562, and the Russell 2000 slipped 0.31% to 2,790. The Dow rose 0.1% to 52,348.
Macro & after the close
Reports tied the weakness to Nvidia's leadership upheaval, which unsettled tech investors. Money rotated from Nvidia toward rival chipmakers, with AMD and Broadcom reported as rallying in that coverage.
The 10-year Treasury yield climbed to 4.98%, close to the 5% level. Gold tumbled. Markets were also reported to be fully pricing in a Federal Reserve rate hike after the December meeting.
Themes
AI infrastructure & data centers ▼ median −6.13%: NBIS −9.92%, DELL −7.18%, CRWV −6.13%, HPE −3.73%, VRT −3.61%
Networking & optical ▼ median −4.55%: CSCO −6.24%, COHR −6.00%, CIEN −4.57%, ANET −4.52%, LITE −4.49%, GLW −4.31%
Memory & storage ▼ median −5.00%: SNDK −5.59%, WDC −5.00%, STX −3.09%
AI infrastructure & data centers fell together. Nebius (NBIS) lost 9.92%, Dell (DELL) fell 7.18% and CoreWeave (CRWV) dropped 6.13%.
Networking & optical also fell. Cisco (CSCO) lost 6.24% and Coherent (COHR) fell 6%. Ciena (CIEN) fell 4.57%.
Memory & storage moved lower as well. Sandisk (SNDK) fell 5.59% and Western Digital (WDC) lost 5%.
