The Nasdaq composite fell sharply on Thursday, driven by a broad decline in chip stocks that overshadowed a record performance from TSMC.
A slump in semiconductor shares weighed heavily on the tech-heavy index, erasing early gains from positive earnings reports in other sectors.
TSMC posted record quarterly results, but the news failed to lift the broader chip sector amid concerns about demand and valuation.
The Philadelphia Semiconductor Index dropped more than 3 percent, with major names like Nvidia and AMD leading the losses.
UnitedHealth Group bucked the negative trend, rising after reporting blowout earnings that beat analyst expectations.
SpaceX shares also fell, dipping below their initial public offering price for the first time since the company’s market debut.
The mixed trading day highlights ongoing volatility in technology stocks, even as certain sectors show pockets of strength.
