Nasdaq opens lower as chip and data centre stocks fall
The Nasdaq Composite opened 0.77 per cent lower on Thursday, dragged down by losses in chip and data centre-related stocks, while the Dow Jones Industrial Average rose 0.62 per cent. The decline followed a rally driven by the Democrats' midterm election victory.
The Nasdaq Composite opened lower on Thursday, weighed down by losses in chip and data centre-related stocks, while broader markets were mixed after a rally in the previous session following the Democrats' sweeping midterm election victory, Reuters reported.
The Dow Jones Industrial Average rose 330.63 points, or 0.62 per cent, at the open to 53,686.75. The S&P 500 fell 12.86 points, or 0.17 per cent, at the open to 7,675.76. The Nasdaq Composite dropped 198.95 points, or 0.77 per cent, to 25,537.57 at the opening bell.
The decline in the technology-heavy Nasdaq reflected weakness in chip and data centre stocks, which had rallied in the prior session. The broader market showed a muted response after the sharp gains fuelled by the midterm election results.