Semiconductor, Nvidia Woes Deepen; Nasdaq 100 Slips, Dow Rallies; Bitcoin Sinks To $60,400: What's Driving Markets Monday?

Zinger Key Points
  • CEO Jen Huang sold $100M worth of Nvidia shares between June 13-21, first sale since December 2021.
  • VanEck Semiconductor ETF fell over 2%, with Marvell and Microchip dropping 9.6% and 8.3%, respectively.

Wall Street faces a continuation of last week’s trend during Monday’s morning trading, with semiconductor stocks selling off heavily and dragging down the tech sector, while the broader market remains largely unaffected.

Nvidia Corp. NVDA fell over 4%, entering correction territory after dropping more than 14% from last week’s all-time highs.

SEC filings on insider activity reveal that Nvidia’s CEO Jen Huang sold more than $100 million worth of shares between June 13 and June 21, 2024, marking his first sale since December 2021.

The VanEck Semiconductor ETF SMH fell over 2%, extending last week’s declines.

Alongside Nvidia, Marvell Technology Inc. MRVL and Microchip Technology Inc. MCHP were notable laggards, dropping 9.6% and 8.3%, respectively.

While the Nasdaq 100 eyes its third consecutive negative session, other major indices posted gains: the S&P 500 rose 0.3%, the Russell 2000 gained 0.8%, and the Dow Jones Industrial Average rallied 0.9%, potentially marking its strongest session since late May.

Treasury yields remained steady, the U.S. dollar fell 0.3%, gold prices increased 0.4% and energy-related commodities saw gains, with crude and natural gas up approximately 1% and 2%, respectively.

Bitcoin BTC/USD fell over 4% to $60,400, heading for its seventh negative session in the last eight, as the broader cryptocurrency market’s momentum remains fragile.

Monday’s Performance In Major US Indices, ETFs

Major IndicesPrice1-day %chg
Dow Jones39,496.670.9%
Russell 20002,032.890.8%
S&P 5005,482.390.3%
Nasdaq 10019,629.54-0.4%
Updated at 12:39 p.m. ET

According to Benzinga Pro data:

  • The SPDR S&P 500 ETF Trust SPY was 0.2% higher to $545.59.
  • The SPDR Dow Jones Industrial Average DIA was 0.9% higher to $394.65.
  • The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was 0.6% lower to $477.21.
  • Sector-wise, the Energy Select Sector SPDR Fund XLE outperformed, up by 1.5%, while the Technology Select Sector SPDR Fund XLK lagged, falling 1.6%.

Monday’s Stock Movers

  • Energy giants ConocoPhillips COP and Exxon Mobil Corp. XOM rallied nearly 3% in reaction to energy commodity gains.
  • Qualcomm Inc. QCOM fell over 3%, extending last week’s declines initiated by reports that artificial intelligence laptops powered by its Snapdragon processor had trouble running certain applications.
  • Crypto-linked stocks such as Coinbase Global Inc. COIN, CleanSpark Inc. CLSK, and Marathon Digital Holdings Inc. MARA fell 7%, 6% and 4%, respectively. Bitcoin-tied Super Micro Computer Inc. SMCI tumbled 7.8%.
  • ResMed Inc. RMD plummeted over 11%, after it received a downgrade from Buy to Neutral by Citigroup.
  • Alnylam Pharmaceuticals Inc. ALNY surged over 30% after its investigational therapy vutrisiran for treating ATTR amyloidosis with cardiomyopathy met both its primary and secondary endpoints in a late-stage study.

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