Stock Market Today, July 16: Micron Plunges as Tech Stocks Extend Sell-Off

Key Points:

• Major U.S. stock indexes declined, with the Nasdaq Composite dropping 1.47%, the S&P 500 falling 0.51%, and the Dow Jones Industrial Average edging down 0.20%, amid a continued sell-off in global technology stocks.
• Gold prices fell 1.85% to $3,972.75, while the 10-Year Treasury yield slightly increased to 4.56%, reflecting shifts in investor sentiment.
• Memory chip stocks, including Micron Technology which plunged nearly 6%, and Taiwan Semiconductor Manufacturing Company fell despite strong earnings, driven by concerns over AI spending and geopolitical tensions.
• Space Exploration Technologies' shares dropped below their IPO price shortly after debuting, impacted by geopolitical risks, while Abbott Laboratories surged over 10% following strong earnings.
• Investor risk appetite declined due to AI spending worries and U.S.-Iran tensions, prompting a rotation from tech stocks to consumer defensive and healthcare sectors; upcoming earnings and consumer data will be closely monitored for market direction.