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Stocks fall for a second day as tech and bank shares slide

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Stocks fell for a second day on Wednesday, pressured by declines in tech and bank shares, pausing a sharp rally to start off June.

The Dow Jones Industrial Average dipped 50 points while the S&P 500 traded 0.2% lower. The Nasdaq Composite lagged, sliding 0.4%.

Tech shares were dragged down by chip stocks. The VanEck Vectors Semiconductor ETF (SMH) dropped 1.9% as Lam Research lost 5%. Applied Materials, KLA-Tencor and Teradyne also fell. Semiconductor stocks were pressured after an Evercore ISI analyst said a recovery in the space will likely be pushed back to the second half of 2020.

Facebook shares dropped more than 1% after a Wall Street Journal report showed the company uncovered emails linking CEO Mark Zuckerberg to the company’s privacy practices.

Wednesday’s declines come after muted trading action in the previous session. The Dow closed marginally lower on Tuesday, snapping a six-day winning streak.

CNBC

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.
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