US Stocks Fall as Samsung Leads Selloff in Chips: Markets Wrap

(Bloomberg) — Stocks fell as volatility hit chipmakers anew after blowout earnings from Samsung Electronics Co. left investors wanting even more. Bonds fell as oil rose by the most in more than a week.

The world’s biggest memory maker by market value slumped 7.5% in Seoul. Its quarterly profit surged 19-fold and operating profit beat projections by about 8%, but failed to wow investors, sending peers across the region tumbling. Europe’s Stoxx 600 rose 0.1%. Nasdaq 100 futures fell 0.8%, with SpaceX joining the index on Tuesday. S&P 500 contracts dipped 0.2%.

The swings are the latest episode of semiconductor stocks, the biggest beneficiaries of the global AI boom, getting lashed after an unprecedented rally left traders questioning valuations and whether hundreds of billions of dollars in spending can continue. The volatility is also driving investors to broaden their exposure, with 17 of Europe’s 20 sectors posting gains on Tuesday.

“The market reaction to Samsung shows that investors have now got into a beat-and-raise mindset,” said Joachim Klement, head of strategy at Panmure Liberum. “Another factor that might weigh on tech stocks today is the inclusion of SpaceX in the Nasdaq indices as index funds will sell some tech stocks to make room.”

Brent crude rose 1.4% to $73 a barrel after a laden liquefied natural gas carrier was struck by a projectile near the Omani coast, a fresh attack that tests the late-June US-Iran peace deal. Treasuries fell across the curve, with the yield on the 10-year advancing three basis points to 4.50%.

The yen was a touch stronger around 161.91 per dollar even as positioning data showed hedge funds turned the most negative on the Japanese currency since 2007. Gold slipped for a second day to around $4,130 an ounce, while a Bloomberg gauge of the dollar wavered.

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.1% as of 8:33 a.m. London time S&P 500 futures fell 0.2% Nasdaq 100 futures fell 0.8% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index fell 1.6% The MSCI Emerging Markets Index fell 1.9% Currencies

The Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1428 The Japanese yen was little changed at 161.96 per dollar The offshore yuan was little changed at 6.8008 per dollar The British pound was little changed at $1.3383 Cryptocurrencies

Bitcoin fell 0.9% to $63,185.42 Ether fell 1% to $1,775.08 Bonds

The yield on 10-year Treasuries advanced three basis points to 4.50% Germany’s 10-year yield advanced three basis points to 2.98% Britain’s 10-year yield advanced three basis points to 4.82% Commodities

Brent crude rose 1.4% to $73.03 a barrel Spot gold fell 0.9% to $4,126.69 an ounce This story was produced with the assistance of Bloomberg Automation.

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