Growth stocks are leading the market lower due to a significant global sell-off in the semiconductor sector. The decline follows heavy losses in Asian and European markets, driven by concerns that the high valuations of AI-related chip stocks are not justified. Weak earnings guidance from Netflix, which sent its shares down over 9%, is also contributing to the negative sentiment in the tech-heavy index.
Nasdaq Drops as Global Chip Sell-Off Deepens on AI Valuation Fears