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- 🛳 Chip Wreck: A $50-Billion Mistake Sends Semi Stocks Lower
🛳 Chip Wreck: A $50-Billion Mistake Sends Semi Stocks Lower
How an accident led to hundreds of billions of dollars being wiped out from the semi-industry, why the housing market may be in trouble and more
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Happy Wednesday! Look, I’m not perfect. But at least my mistakes don’t lead to a loss of $50 billion like when someone accidentally leaked $ASML’s earnings report yesterday. Plus, is the housing market in trouble?
—Aaron Bry
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MARKET SNAPSHOT
Yesterday: $ASML brought down the entire chip market yesterday, leading to a 1% drawdown in the QQQs. $NVDA closed down more than 4%, while other big-name tech stocks like $AAPL closed higher.
On Our Radar: Lots of economic data coming our way tomorrow morning, with initial jobless claims, U.S. retail sales and more.
TOP STORY
What Happened: Amid a turbulent week for the semiconductor sector, ASML Holding faced a 3.9% decline in pre-market trading on Wednesday.
So: This follows a significant 16.26% drop on Tuesday’s close, attributed to an accidental early release of its third-quarter earnings report. The report disclosed a reduced sales forecast for 2025, which negatively impacted the semiconductor industry and pulled peers downward. Here’s why it may not be safe to buy the dip quite yet.
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FIVE ZINGERS
Serving Up Gains: Serve Robotics shares are trading higher this morning after the company announced its newest model of robots.
Pump The Brakes: Novavax shares are getting hammered this morning after the FDA halted the company’s trial for its COVID/Flu combination shot.
On The Rebound: $SMCI’s stock is starting to edge higher after drawing down more than 60% from its highs.
Analyst Call: Here’s why one analyst is expecting Apple to outperform expectations in its upcoming earnings report.
Your Chance At $30k Risk-Free: Benzinga's World Championship of Trading is about to take off, and all you have to do is sign up and paper trade for your chance at the prizes.
ONE FOR THE ROAD
Basically: U.S. mortgage demand saw its steepest weekly drop in over four years, as a sharp rise in interest rates caught homebuyers off guard.
So: After weeks of steady declines, the new surge in interest rates has driven away potential buyers, with many sidelined due to affordability concerns. Here’s why the drop in demand could be bad news for the overall housing market.
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