US Stocks Move | Fed Official Signals More Tightening, Philadelphia Semiconductor Index Drops Over 5%, Semiconductor Sector Falls Broadly

Stock News11-13 23:45

The Philadelphia Semiconductor Index fell more than 5% on Friday, with the semiconductor sector declining broadly, as Advanced Micro Devices (AMD.US) and Marvell Technology (MRVL.US) dropped over 8%, Broadcom (AVGO.US) fell more than 6%, Intel (INTC.US) and SK Hynix (SKHY.US) slid over 5%, and NVIDIA (NVDA.US) declined more than 3%.

On the news front, Boston Fed President Collins hinted on Friday that monetary policy may need to be tightened to cool prices. In a speech focused on the housing market, Collins said higher interest rates could limit housing affordability. But she added that, over the long run, ensuring price stability would benefit both the housing market and the broader economy. "In the short term, the higher rates sometimes needed to cool the economy and bring inflation under control can make buying and building homes more expensive," Collins said in her prepared remarks. "But over the longer term, stable prices create a predictable economic environment, which is beneficial for the housing market."

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment