AIRLINK 65.63 Decreased By ▼ -0.27 (-0.41%)
BOP 5.74 Increased By ▲ 0.05 (0.88%)
CNERGY 4.61 Decreased By ▼ -0.04 (-0.86%)
DFML 23.20 Increased By ▲ 0.35 (1.53%)
DGKC 71.26 Increased By ▲ 0.56 (0.79%)
FCCL 20.83 Increased By ▲ 0.48 (2.36%)
FFBL 29.27 Increased By ▲ 0.16 (0.55%)
FFL 9.94 Increased By ▲ 0.01 (0.1%)
GGL 10.14 Increased By ▲ 0.06 (0.6%)
HBL 115.80 Increased By ▲ 0.55 (0.48%)
HUBC 130.00 Increased By ▲ 0.50 (0.39%)
HUMNL 6.72 Increased By ▲ 0.02 (0.3%)
KEL 4.46 Increased By ▲ 0.08 (1.83%)
KOSM 5.07 Increased By ▲ 0.05 (1%)
MLCF 37.59 Increased By ▲ 0.63 (1.7%)
OGDC 131.17 Decreased By ▼ -0.03 (-0.02%)
PAEL 22.78 Increased By ▲ 0.30 (1.33%)
PIAA 26.20 Decreased By ▼ -0.10 (-0.38%)
PIBTL 6.54 Increased By ▲ 0.01 (0.15%)
PPL 112.20 Increased By ▲ 0.08 (0.07%)
PRL 28.36 Decreased By ▼ -0.03 (-0.11%)
PTC 16.35 Increased By ▲ 0.24 (1.49%)
SEARL 57.55 Decreased By ▼ -0.74 (-1.27%)
SNGP 65.81 Increased By ▲ 0.12 (0.18%)
SSGC 11.14 Increased By ▲ 0.12 (1.09%)
TELE 8.91 Decreased By ▼ -0.03 (-0.34%)
TPLP 12.07 Increased By ▲ 0.54 (4.68%)
TRG 69.50 Increased By ▲ 0.26 (0.38%)
UNITY 23.84 Decreased By ▼ -0.11 (-0.46%)
WTL 1.37 Increased By ▲ 0.02 (1.48%)
BR100 7,315 Increased By 11.4 (0.16%)
BR30 24,059 Increased By 109.2 (0.46%)
KSE100 70,475 Increased By 142.1 (0.2%)
KSE30 23,160 Increased By 39.1 (0.17%)

NEW YORK: US stocks ended sharply lower on Friday as chipmakers dropped on concerns about weak consumer demand, while rising Treasury yields pressured Amazon and other megacap growth companies.

Chip equipment makers Applied Materials, Lam Research and KLA Corp all dropped after Reuters reported TSMC had asked its major vendors to delay deliveries.

Nvidia, Advanced Micro Devices, Broadcom and Micron Technology also fell, pulling down the Philadelphia Semiconductor index.

Stoking worries over chip demand from automakers, the United Auto Workers’ union launched simultaneous strikes at factories of General Motors, Ford and Chrysler parent Stellantis.

According to preliminary data, the S&P 500 lost 54.82 points, or 1.22%, to end at 4,450.28 points, while the Nasdaq Composite lost 217.33 points, or 1.56%, to 13,708.72. The Dow Jones Industrial Average fell 289.99 points, or 0.83%, to 34,617.12.

China’s industrial output grew more than expected in August, data showed, suggesting that a recent flurry of support measures may be starting to slowly stabilize a stumbling economic recovery.

Data on Thursday showed US retail sales rose more than expected in August, easing worries about a recession.

Treasury yields edged higher ahead of the Federal Reserve policy meeting next week, with the central bank facing a strong US economy with inflation that remains above target.

“We really continue to see that growth resilience story, and I think that’s difficult for the market simply because there’s concern about what that could mean both for rates and inflation,” said Lisa Erickson, head of public markets at US Bank Wealth Management in Minneapolis.

Traders’ bets on the Fed holding rates steady in its Sept. 20 policy meeting remained at 97%, while their odds for a pause in November stood at 67%, according to the CME FedWatch Tool.

Among growth stocks sensitive to higher interest rates, Amazon, Microsoft and Meta Platforms declined.

Adobe dropped to a more than two-week low after the Photoshop software maker disclosed a commercial paper program of up to $3 billion on Sept. 8 following its third-quarter results.

SoftBank’s Arm Holdings was near unchanged for much of the session after a stellar Nasdaq debut on Thursday that rekindled expectations of a turnaround in the initial public offering (IPO) market.

Arm’s strong debut prompted grocery delivery app Instacart to raise the proposed price range for its IPO to target a fully diluted valuation of up to $10 billion.

Neumora Therapeutics, backed by Amgen and Japan’s SoftBank, made a tepid debut at $16.50 per share, below its IPO price of $17.

Comments

Comments are closed.