The markets traded mostly lower again today due to the continued selloff in tech stocks overall. The Dow 30 was higher on the day by 20, but the S&P 500 sold off 11, and the Nasdaq 100 closed down on the day by 72.
Semiconductor (NYSE: SMH) stocks were the hardest hit today thanks to comments from KLA Tencor (NASDAQ: KLAC) that the remainder of the year "feels like it will be up a little less" than they expected, referring to memory chip shipments. The stocks sold off 10% on that comment and it brought down other chip makers like Micron (NYSE: MU), and Applied Materials which were some of your worst performers today. Morgan Stanley (NYSE: MS) also turned negative on the chip space.
Oil also weighed on the markets today as inventory number showed an increase in supply that was much more than expected. This sent oil lower by over 2% to start the day, but traders used that opportunity to add to their position and oil closed down only 1%.
Shares of CBS (NYSE: CBS) were higher today following news that the board of directors has been in talks with CEO Les Moonves, offering him a $100 million stock package to leave the company. The CEO has been under pressure to leave since six women accused him of sexual assault and unwanted advances. CBS has not officially commented on this.
Bitcoin futures fell another 7% today as investors continue to focus on Goldman Sachs plans to ditch their trading desk due to low volume. This has many realizing that cryptocurrencies are much further from mainstream use than previously thought.