US Stocks Drop as Semiconductor Index Plummets 4.65% Amid Geopolitical Tensions
2026-07-08 07:37

Woofun AI reports that the three major US stock indexes closed lower following resumed military strikes against Iran and imposed oil sanctions. The Dow Jones Industrial Average declined 0.25%, the Nasdaq Composite fell 1.16%, and the S&P 500 dropped 0.45%. The Philadelphia Semiconductor Index plummeted 4.65%, leading the decline in technology sectors.

Storage and semiconductor stocks faced significant losses. Western Digital fell 7.86%, while Intel dropped 9.66% and Marvell Technology declined 7.45%. Optical communication shares also weakened, with Astera Labs down 11.12% and Coherent falling 6.43%. SpaceX shares dropped nearly 7% to reach a new post-IPO low.

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