S&P 500 Gains and Losses Today: Chip Stocks Fall on Possible Export Restrictions

Tech stocks, and peculiarly shares of semiconductor firms, person played a cardinal domiciled successful driving awesome U.S. equities indexes to grounds highs, but nan tides changed connected Wednesday.

The broad-based S&P 500 fell 1.4%, while nan tech-heavy Nasdaq plunged 2.8%. The Dow ended nan time 0.6% higher, boosted by a rotation distant from tech and outperformance from respective constituents successful nan wellness attraction sector.

Geopolitical uncertainty dragged down nan tech assemblage pursuing reports that nan U.S. is considering rules that would rein successful exports of semiconductor instrumentality to China. Shares of companies successful nan semiconductor manufacture dominated nan database of nan S&P 500's weakest regular performers. Equipment suppliers Applied Materials (AMAT), Lam Research (LRCX), and KLA Corp. (KLAC) each dropped astir 10%. So did Advanced Micro Devices (AMD). Several different S&P 500 chipmakers were down successful nan 8% to 9% range.

Vistra Corp. (VST) shares sank 11.3%, nan steepest losses of immoderate S&P 500 stock. The inferior banal posted outsized gains successful nan first half of 2024, driven by optimism that it could use from a boost successful power request from information centers moving artificial intelligence (AI) applications, but it has changed people successful July. The losses travel amid questions astir nan powerfulness grid successful nan company's location authorities of Texas aft important outages successful nan aftermath of Hurricane Beryl.

The upwind came retired of shares of GE Vernova (GEV), spun disconnected from nan GE conglomerate successful April, which plunged 9.3%. The independent powerfulness company's shares mislaid crushed amid anticipation of a imaginable return to nan presidency for Donald Trump, who has been a vocal force of generating power utilizing upwind turbines, which relationship for a awesome portion of GE Vernova's business.

Another April spinoff fared overmuch amended connected nan day. Shares of Solventum (SOLV), nan wellness attraction patient that separated from 3M (MMM), notched nan champion capacity successful nan S&P 500, gaining 5.9%. Although Morgan Stanley trim its value target connected Solventum banal earlier this week, analysts said they still person a favorable outlook for nan aesculapian exertion industry, forecasting beardown utilization and volumes.

Progressive (PGR) shares were up 5.4%, reversing losses posted successful nan erstwhile convention aft nan spot and casualty insurer posted mixed quarterly results. Although gross came successful awkward of estimates, profits were amended than expected, and analysts noted spot successful Progressive's underwriting profitability.

Shares of dental and aesculapian products supplier Henry Schein (HSIC) besides added 5.4%. The institution trim nan ribbon past week connected a caller distribution halfway successful Fort Worth, Texas. At 811,000 quadrate feet, nan caller installation is nan largest successful Henry Schein's world network.

FMC Corp. (FMC) shares precocious 4.6%. The cultivation sciences patient announced nan assignment of John M. Raines to its committee of directors. Raines arrives pinch much than 3 decades of acquisition that includes cardinal roles astatine apical nutrient and agriculture companies.