(Sharecast News) - Major indices were mixed early on Tuesday as a global selloff in chip names deepened and Asian markets were hit hard overnight.
As of 1520 BST, the Dow Jones Industrial Average was up 0.09% at 51,761.38, while the S&P 500 shed 0.76% to 7,416.12 and the Nasdaq Composite came out of the gate 1.18% weaker at 25,858.77.
The Dow opened 48.67 points higher on Tuesday, extending gains recorded in the previous session.
Tuesday's early losses were primarily driven by memorychip makers, with Micron down 7.81% at the open, while Sandisk dropped 10.28% and Seagate slid 6.24%. Intel was down 2.58%, and AMD and Qualcomm lost 5.04% and 6.81%, respectively.
Wall Street's weakness at the open also extended beyond semiconductors, with Alphabet slipping another 0.59% after a 5% fall on Monday amid concerns over highprofile AI talent departures.
The broad retreat follows a sharp reversal in tech sentiment that began at the start of the week and has since accelerated across global markets, with South Korea's benchmark, which was up 95% this year, down almost 10%, while Japan's Nikkei 225 shed 3.55% - breaking an eight sessions winning streak.
On the macro front, US business activity picked up in June, with preliminary data from S&P Global data showing manufacturing, services and the overall US economy all growing at their fastest pace in several months. S&P Global's manufacturing purchasing managers index rose to 55.7 from 55.1 in May, beating expectations and marking the strongest reading since May 2022. Elsewhere, the services PMI edged up to 51.3 from 50.7, slightly above consensus and signalling the fastest rate of expansion in four months. Together, the moves lifted the composite PMI to 52.2 from 51.5, the strongest pace of privatesector growth since January. S&P Global said the improvement reflected a sixyear high in manufacturing output and firmer services activity.
On another note, the Federal Reserve's Fifth District manufacturing index fell sharply in June, dropping to 4 from 13 in May, the Richmond Fed said on Tuesday, indicating modest growth but also poining to a clear loss of momentum.
In the corporate space, FedEx will publish its latest quarterly earnings report after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $264.80 4.89%
Merck & Co. Inc. (MRK) $118.12 2.49%
Johnson & Johnson (JNJ) $235.62 2.05%
Procter & Gamble Co. (PG) $150.25 1.95%
Amgen Inc. (AMGN) $347.92 1.45%
Coca-Cola Co. (KO) $80.25 0.92%
Verizon Communications Inc. (VZ) $45.85 0.91%
Salesforce.Com Inc. (CRM) $152.11 0.84%
Walt Disney Co. (DIS) $103.41 0.81%
McDonald's Corp. (MCD) $271.85 0.69%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $981.67 -3.99%
Goldman Sachs Group Inc. (GS) $1,090.90 -1.64%
Microsoft Corp. (MSFT) $374.74 -1.18%
Cisco Systems Inc. (CSCO) $119.64 -1.03%
Intel Corp. (INTC) $136.63 -0.84%
American Express Co. (AXP) $336.00 -0.72%
Apple Inc. (AAPL) $299.37 -0.71%
3M Co. (MMM) $162.96 -0.50%
Home Depot Inc. (HD) $325.63 -0.48%
Nike Inc. (NKE) $42.94 -0.45%
S&P 500 - Risers
Bath & Body Works, Inc. (BBWI) $20.56 5.09%
International Business Machines Corporation (CDI) (IBM) $264.80 4.89%
Target Corp. (TGT) $133.20 3.08%
Cencora Inc (COR) $280.21 2.98%
McKesson Corp. (MCK) $766.91 2.95%
Philip Morris International Inc. (PM) $178.18 2.88%
Nektar Therapeutics (NKTR) $66.86 2.69%
Gallagher Arthur J (AJG) $215.60 2.68%
Sherwin-Williams Co. (SHW) $325.20 2.63%
Synopsys Inc. (SNPS) $476.74 2.55%
S&P 500 - Fallers
Western Digital Corp. (WDC) $667.03 -11.46%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Corning Inc. (GLW) $191.99 -8.14%
Micron Technology Inc. (MU) $1,098.64 -7.57%
Carnival Corp. (CCL) $27.88 -7.45%
Seagate Technology Plc (STX) $1,014.61 -7.06%
Applied Materials Inc. (AMAT) $589.35 -6.76%
KLA-Tencor Corp. (KLAC) $247.35 -6.74%
Ipg Photonics Corp. (IPGP) $111.94 -6.18%
Arista Networks Inc. (ANET) $163.77 -6.09%
Nasdaq 100 - Risers
Synopsys Inc. (SNPS) $476.74 2.55%
Skyworks Solutions Inc. (SWKS) $74.38 2.32%
Biomarin Pharmaceutical Inc. (BMRN) $56.49 1.96%
eBay Inc. (EBAY) $108.64 1.82%
Liberty Global plc Series C (LBTYK) $10.81 1.64%
Incyte Corp. (INCY) $104.26 1.60%
Regeneron Pharmaceuticals Inc. (REGN) $615.82 1.59%
Gilead Sciences Inc. (GILD) $126.16 1.55%
Amgen Inc. (AMGN) $347.92 1.45%
Illumina Inc. (ILMN) $165.52 1.39%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Western Digital Corp. (WDC) $667.03 -11.46%
Micron Technology Inc. (MU) $1,098.64 -7.57%
Asml Holdings N.V. (ASML) $1,804.74 -7.11%
Seagate Technology Plc (STX) $1,014.61 -7.06%
Applied Materials Inc. (AMAT) $589.35 -6.76%
KLA-Tencor Corp. (KLAC) $247.35 -6.74%
Texas Instruments Inc (TXN) $309.50 -5.51%
Cognizant Technology Solutions Corp. (CTSH) $41.86 -5.51%
Lam Research Corp. (LRCX) $374.08 -5.45%
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