Stocks turn lower, chip stocks Nvidia and AMD dip

Yahoo Finance Live’s Brad Smith discusses how stocks are trading following the Fed’s 75-basis-point rate hike.

Video transcript

[AUDIO LOGO]

JULIE HYMAN: Let's get over to my colleague Brad Smith. He's at the Yahoo Finance Interactive for a little more depth into what's going on in these markets. Brad.

BRAD SMITH: Yes, indeed. So you mentioned the NASDAQ, and that being the biggest decliner here. First up, I want to take a look at the Dow Jones Industrial average, though. That's down by about half a percent. 166 points the downside as we're about 32 minutes into trading on the session.

You mentioned the NASDAQ being down the most? Yeah, it is. It's lower by about 1.1%. 123 points down in this little dippity-dive that we're seeing here to start off today's session so early and trade. Deeply in the red, at least right now, by a little more than a percent for the NASDAQ composite.

And the S&P 500, we're gonna check in some sectors in a hot second here. But as of right now, you're seeing that down by about 8/10 of percent. And since I mentioned the sectors that we're gonna take a quick look at. Let's get on over to that as of right now.

We've been seeing the energy sector be the only gainer as of right now. We were seeing a little bit of movement there. But 10 out of 11 sectors in negative territory.

I want to focus in on some technology names, though, as you're seeing XLK down by 1% as of right now. Much mirroring what we were seeing with the NASDAQ composite there. And particularly zeroing in on semis. There is not one bright spot to be found on that semiconductor stock board here today.

The deepest declines being seen in AMD and Nvidia. We'll keep a close tab on that here, as semiconductors have been in focus, especially given some of the spending mechanisms that have been put in place by chip companies and in related to the CHIPS Act as well. But even more so going forward from here, much to continue to watch to see how these names really navigate some of the near-term headwinds that they've laid out.