Odaily: US stocks experienced a broad selloff, with the tech-heavy Nasdaq Composite and Nasdaq 100 indices leading the declines. The S&P 500 fell 2.7%, the Nasdaq dropped about 4%, and the Nasdaq 100 fell 4.52%. The S&P 500 broke below its 100-day moving average and September low, while both the Nasdaq Composite and Nasdaq 100 fell below their 200-day moving averages. A short-term rebound would require reclaiming these key technical levels.
The AI supply chain was hit by a broad selloff, with losses spreading from chips and storage to data center networking equipment, optical communications, AI cloud computing, and power suppliers. Storage stocks including SanDisk (SNDK.O), Western Digital (WDC.O), Micron Technology (MU.O), and SK Hynix (SKHY.O) fell over 10%; chip stocks including AMD (AMD.O), Qualcomm (QCOM.O), and Arm (ARM.O) dropped more than 10%; data center connectivity and optical communications stocks including Astera Labs (ALAB.O), Lumentum (LITE.O), Coherent (COHR.O), Credo (CRDO.O), and Marvell Technology (MRVL.O) fell over 10%; semiconductor equipment stocks including Lam Research (LRCX.O) and Applied Materials (AMAT.O) declined more than 10%; AI cloud computing and data center power suppliers including Nebius (NBIS.O), CoreWeave (CRWV.O), and Bloom Energy (BE.O) also dropped over 10%, with Bloom Energy and SanDisk falling nearly 18%.
Market breadth deteriorated in tandem, with declining stocks on the Nasdaq outnumbering advancers by nearly 4 to 1, on the NYSE by about 2.5 to 1, and on the S&P 500 by roughly 1.6 to 1, indicating the selloff has spread from large-cap tech stocks to the broader market.
