Dow Futures Rise as More Earnings Due
The Nasdaq Composite was hanging around breakeven on Wednesday during another broad stock market rally.
The tech-heavy index opened higher but lost momentum as chips stocks struggled. The S&P 500 was up 0.2%, with 350 stocks in the index on the rise. The Dow was up 214 points, or 0.5%.
Texas Instruments was a big drag on the chip sector, with a 12% drop. After the stock rallied into earnings, investors were disappointed by management’s cautious tone. Now Wall Street is wondering if the industrial and auto recovery isn’t as strong as hoped.
Overall, the iShares Semiconductor ETF was down 1.7%. Microchip Technology, ON Semiconductor, and Analog Devices were among the S&P’s biggest laggards.
Tech was the only major S&P sector on the decline.