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Dow Falls After Hitting Record High, Philly Semiconductor Index Drops Over 4%; Chip and Memory Stocks Lead Declines, SpaceX Falls Below Debut Price of $150

Dow Falls After Hitting Record High, Philly Semiconductor Index Drops Over 4%; Chip and Memory Stocks Lead Declines, SpaceX Falls Below Debut Price of $150

TradingKey – The re-escalation of the US-Iran conflict and mixed earnings from Samsung both weighed on market trading sentiment, triggering a sell-off in chip and memory stocks. The three major US stock indexes all fell, though the Dow hit a historic high in early trading.

At the close, the Dow Jones Industrial Average fell 0.25% to 52,925.15 points; the Nasdaq Composite Index fell 1.16% to 25,818.69 points; and the S&P 500 Index fell 0.45% to 7,503.85 points.

Performance of technology stocks

SpaceX (SPCX) fell about 7% to $149.47, slipping below its debut price of $150. Its latest market capitalization dropped below $2 trillion, ranking seventh in the U.S.

Among large-cap tech stocks, Meta Platforms (META) rose 2.55%, Amazon (AMZN) gained…

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