Stock market today: tech slump deepens, S&P 500, Nasdaq extend losses

1. 10:45 AM ET

   Losses have widened since the open: the S&P 500 is now down 0.95% at 7,520.35 and the Nasdaq Composite has dropped 1.67% to 24,942.22, a sharper decline than at the 9:45 AM update. The Dow Jones Industrial Average has turned negative too, off 0.17%, as semiconductor and hardware stocks continue to drag on the broader market.

2. 9:45 AM ET

   The session opened with a split market: the S&P 500 is down 0.15% at 7,580.65 and the Nasdaq Composite is off 0.42% at 25,259.33, while the Dow Jones Industrial Average is up 0.28%. The Wall Street Journal reported that producer-price inflation cooled from September's rapid pace last month but remains well above trend, a backdrop that comes as semiconductor stocks lead the market's losses.

The session so far

The S&P 500 trades at 7,520.35, down 0.95%, with 296 of its 503 members still higher and 207 lower, showing the damage is concentrated rather than broad. Technology is the clear laggard, down 3.09%, while consumer staples lead gainers at 1.15%, followed by financials and utilities. Semiconductor stocks are moving together as a group, with 17 of 19 S&P 500 chip names down 4% or more, averaging a 5.84% decline, and hardware and computer-hardware makers are seeing similar clustered losses. The volatility index (VIX) has jumped 9.04% to 20.39, and the 10-year Treasury yield has risen to 5.130%, reflecting the cautious tone.

The biggest moves

Among the S&P 500's largest percentage decliners, Coherent is down 9.54%, Advanced Micro Devices (AMD) has fallen 9.40%, Sandisk is off 8.75%, Bloom Energy has dropped 8.38%, and Dell Technologies is down 8.37%; no source in our research explains these specific moves, so we note only that these stocks are falling sharply alongside the broader chip and hardware slide.

On the gaining side, Texas Pacific Land is up 5.27%, Charter Communications has climbed 4.25%, Steris is up 3.86%, Domino's has risen 3.68%, and Keurig Dr Pepper is up 3.15%; none of these moves is explained in the sources we have, so we note the gains without a cause.

By market value, Nvidia has shed about 160 billion dollars as its shares fell 3.83%, and Broadcom has lost roughly 113 billion dollars on a 6.52% decline, both tracking the semiconductor group's broad pullback. AMD's 9.40% drop erased about 85 billion dollars of market value, while Alphabet's Class C shares are down 1.42%, losing about 51 billion dollars. Apple is a rare large-cap gainer, up 1.01% and adding about 52 billion dollars in market value.

Separately, Merck has moved since Business Wire reported that a European Medicines Agency advisory committee backed a wider use of its RSV shot Enflonsia in young children, and since Business Wire also reported the same panel backed Merck's Welireg-lenvatinib combination for kidney cancer.