According to msx data, U.S. stock indexes reversed lower before chip shares staged a V-shaped intraday rebound, with Cerebras leading gains and AMD, Nvidia, Intel, Micron, SanDisk and TSMC recovering from earlier weakness.
U.S. stock indexes turned lower after earlier gains faded, according to msx data, as semiconductor and storage shares initially sold off broadly. Earlier in the session, AMD and Qualcomm each fell nearly 6%, SanDisk dropped nearly 6%, Intel and Seagate Technology lost more than 4%, ON Semiconductor and Western Digital fell over 3%, Micron declined nearly 3%, and Nvidia lost more than 1%. Later, the chip sector mounted a V-shaped intraday rebound led by Cerebras Systems, which rose more than 11%. Micron gained more than 4%, SanDisk advanced over 3%, Intel climbed nearly 2%, Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC) turned positive, and AMD cut its losses to less than 0.5% after dropping nearly 6% earlier.