BlackRock, Inc. (NYSE:BLK) today announced product enhancements to two iShares ETFs as part of an ongoing process to periodically review its product lineup. No action is necessary for investors in the impacted ETFs and no capital gains distributions are currently expected as a result of the transition. iShares Nasdaq Biotechnology ETF (IBB) Effective on or around June 21, 2021, the iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) will seek to track the ICE Biotechnology Index. The fund will also undergo changes to its name and investment objective. Current New Fund Name iShares Nasdaq Biotechnology ETF iShares Biotechnology ETF Underlying Index Nasdaq Biotechnolo

U.S. chip stocks led by Nvidia Corp (NASDAQ:NVDA), Advanced Micro Devices, Inc (NASDAQ:AMD), Taiwan Semiconductor Manufacturing Co (NYSE:TSM), Broadcom Inc (NASDAQ:AVGO), Qualcomm Inc (NASDAQ:QCOM), Arm Holdings Plc (NASDAQ:ARM), Intel Corp (NASDAQ:INTC), Micron Technology, Inc (NASDAQ:MU) are trading lower on Wednesday. Tesla Inc (NASDAQ:TSLA) and Google parent Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) second-quarter earnings on Tuesday failed to impress the Street and are dragging the stocks lower. Tesla, a key Nvidia customer, reported second-quarter revenue growth of 2% year-on-year to $25.5 billion, beating the consensus estimate of $24.7 billion. EPS of $0.52 lagged the consens

Wall Street experienced a turbulent session on Wednesday, with the S&P 500 index heading toward its worst performance in over a year and the tech-focused Nasdaq 100 eyeing its fifth decline in the last six sessions. The Magnificent Seven group — Microsoft Corp. (NYSE:MSFT), Apple Inc. (NASDAQ:AAPL), NVIDIA Corp., Alphabet Inc., Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META) and Tesla, Inc. — wiped out over $570 billion in their combined market valuation by midday trading in New York. The Roundhill Magnificent Seven ETF (NYSE:MAGS) fell 4.9%, marking the worst daily performance since the fund’s inception last year. Tesla shares plummeted over 11% after missing earnings exp

Wall Street started the new week on a positive note, with all major indices in the green. A rebound in tech stocks following last week’s dips bolstered overall investor sentiment. Investors focused on the start of the tech earnings season, looking past President Joe Biden‘s withdrawal from the reelection campaign. Semiconductor stocks, which plunged last week due to threats of increased curbs on China, rallied on Monday. The VanEck Semiconductor ETF (NYSE:SMH) and the iShares Semiconductor ETF (NYSE:SOXX) both rose by 2.5%. The tech-heavy Nasdaq 100 index surged 1% by 12:40 p.m. in New York, poised to snap a three-day losing streak. The S&P 500 edged up 0.7%, while blue-chip stocks in

It’s another risk-off day on Wall Street, with all major U.S. indices trading in the red. The CBOE Volatility Index (VIX), often referred to as the market’s fear gauge, spiked over 10%, reaching levels last seen in late April. Both the S&P 500 and the Nasdaq 100 indices declined by 0.6%, while the Dow Jones Industrial Average fell 0.7%, potentially ending a streak of six consecutive positive sessions. Small-cap stocks also succumbed to the broader negative sentiment, with the Russell 2000 index dropping 0.7%. Chicago Fed President Austan Goolsbee, a known “dove” on the board, expressed optimism about progress on inflation and the U.S. economy’s resilience in avoiding a recession. He

Semiconductor stocks, tracked by the IShares Semiconductor ETF (NASDAQ:SOXX), have taken a beating this week. BofA believes the heavy selling pressure on semis sets the sector up for outperformance into the end of the year. What To Know: BofA Securities senior analyst Vivek Arya reminded investors to focus on fundamentals when doubt arises in a new note released late Wednesday. Chip stocks got punished on Wednesday as investors rotated out of the red-hot sector following comments from President Joe Biden and former President Donald Trump. Biden recently suggested that he’s considering putting tougher trade restrictions on semiconductor equipment and Trump said this week that the U.S

The semiconductor market was jolted on Wednesday as stocks of major players like NVIDIA Corp. (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Broadcom Inc. (NASDAQ:AVGO) took a sharp downturn. This came in the wake of reports suggesting that President Joe Biden is contemplating stricter trade restrictions with China and comments made by former President Donald Trump regarding Taiwan. What Happened: During an interview with CNBC’s Closing Bell Overtime, Bernstein analyst Stacy Rasgon shared his insights on the situation. Rasgon pointed out that Trump’s comments on Taiwan seemed to suggest that he was not overly concerned about protecting Taiwan, possibly indicating that he ex

It’s deep red on Wall Street on Wednesday, with tech stocks sharply falling amid a semiconductor broad-based selloff following news that the Biden administration is hastening export restrictions to China. Bloomberg reported on Wednesday that the U.S. administration has advised its allies to impose the strictest trade restrictions possible if companies such as Tokyo Electron Ltd. (OTCPK: TOELY) and ASML Holding NV (NASDAQ:ASML) persist in supplying advanced chips to China. Shares of the Dutch chipmaker ASML Holding fell nearly 12%, notching the worst decline since March 2020. The tech-heavy Nasdaq 100 tumbled by 2.7% at 12:45 p.m. ET, marking the worst session since late August 2023.

The semiconductor sector is enduring one of its worst trading days in years, driven by investor concerns over the Biden administration’s potential tightening of regulatory restrictions on chip exports to China. The iShares Semiconductor ETF (NYSE:SOXX) plummeted 5.4% by 12:20 p.m. ET, eyeing the worst session since October 2022. Similarly, the VanEck Semiconductor ETF (NYSE:SMH) sunk 5.5%. Chart: Chipmakers Suffer Worst Day Since October 2022 Image: Benzinga Pro The Biden administration is considering enacting the harshest trade restrictions if chipmakers continue to grant China access to advanced semiconductor technology, Bloomberg News reported Wednesday. Dutch chipmak

Advanced Micro Devices, Inc (NASDAQ:AMD) announced its plan to acquire Finnish AI start-up Silo AI for $665 million, marking one of the largest AI takeovers in Europe. This acquisition aims to bolster AMD’s AI services to compete with market leader Nvidia Corp (NASDAQ:NVDA). The acquisition of Silo AI, expected to close in the second half of this year pending regulatory approval, will bring Silo’s 300-member team into AMD’s fold to build custom large language models (LLMs), the Financial Times reports. Vamsi Boppana, senior vice president of AMD’s AI group, emphasized that the deal will accelerate customer engagements and AMD’s AI tech stack. Silo AI, one of Europe’s largest priv

Nvidia Corp (NASDAQ:NVDA) has been a standout performer among semiconductor companies and the Magnificent Seven stocks. However, can it maintain its leadership position through the second half of 2024? Ed Egilinsky, Managing Director at Direxion, shares his insights, shedding light on the key drivers and potential headwinds for this tech titan. Nvidia’s Sky-High Valuations Give Investors A Pause “Nvidia has been a stalwart in the tech space over the last few years,” Egilinsky acknowledges. “However, its current valuation might make some investors pause. There is no denying Nvidia is a leader in the chip space and more specifically regarding AI-related chips. They should be a not