Skip to content

Tech Jitters Hit Stocks in Run-Up to Key CPI Print: Markets Wrap

  • Micron’s warning adds to evidence of collapsing chip demand
  • Coinbase slumps in late trading after revenue misses estimates
Video player cover image
Don't Give Up on the 60/40 Portfolio, Says Schwab's Jones
Updated on

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.