Finance

The tech-heavy Nasdaq Composite led broader market drops, slipping further as investor fatigue grew toward dominant semiconductor companies. Mounting concerns that firms are borrowing too heavily and overspending on infrastructure without intermediate returns pushed the PHLX Semiconductor Index into official correction territory.

While major tech equities faced persistent selling pressure, market participants rotated heavily into value and consumer-facing sectors. Major retail brands like Nike and Lululemon spearheaded a defensive rally, boosting the SPDR S&P Retail ETF, while healthcare stocks also posted noticeable gains.

Digital assets experienced heightened volatility following macro inflation updates and shifting interest rate predictions. Bitcoin briefly fluctuated beneath the $80,000 baseline before managing a moderate rebound, though short-term prediction markets and shrinking institutional ETF inflows continue to signal fragile retail sentiment.