Prof G Markets · Wednesday, July 29, 2026
The tech-heavy Nasdaq 100 fell for a fifth straight day, briefly entering correction territory (a 10% drop from its highs), with chip stocks leading the decline. This downturn raises concerns about the market's reliance on semiconductor stocks for growth, as they were major contributors to the S&P 500's returns in the first half of the year.
“The S&P 500 and the Dow rose, meanwhile the Nasdaq declined as chip stocks got crushed.”
“The tech-heavy Nasdaq 100 fell for a fifth straight day, briefly entering correction territory, meaning it fell 10% from its highs.”
“Chip companies led the decline. The PHLX Semiconductor Index sank as much as 6% and Micron fell 9%.”