Stocks retreated as a downbeat outlook from another giant chipmaker added to recession fears, with many traders unwilling to make any risky bets before Wednesday’s pivotal inflation reading.
A rally in the S&P 500 from its June lows hit a wall amid a fourth straight day of losses. The Nasdaq 100 underperformed as Micron Technology Inc.’s warning showed more evidence of the collapsing demand for chips. All 30 companies in the Philadelphia Semiconductor Index fell. In late trading, Coinbase Global Inc., the largest US cryptocurrency exchange, sank on a disappointing revenue.