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Stock market today: Indexes slide as chipmaker rout drags tech ahead of key earnings

  • US stock ended lower on Wednesday as encouraging tech earnings were eclipsed by a sell-off among semiconductor shares.
  • Alphabet's big earnings beat helped send its stock up almost 3% in the session, but major indexes fell as chipmakers suffered losses.
  • AMD and Super Micro Computer led the rout, with AMD dropping almost 11% and SMCI plunging 33% on weak guidance and auditor resignation.
  • Macroeconomic data showed strength in the US economy, with strong consumer spending and a fast rise in ADP hiring, potentially setting the stage for another big nonfarm payrolls report.

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