S&P rings up 5th loss in 6 days as tech stocks drag index down, led by AMD's 17.3% drop | Fortune

"More than twice as many stocks rose within the S&P 500 than fell, but sinking technology stocks weighed on the index for a second straight day. Advanced Micro Devices dropped 17.3% even though the chip company reported a stronger profit for the latest quarter than analysts expected. It also gave a forecast for revenue for the start of 2026 that topped analysts' expectations, but that may not have been enough for investors after its stock had doubled over the last 12 months."

"Tech stocks are broadly feeling pressure, even when they deliver stronger-than-expected profits. Big Tech stocks are facing criticism that their prices shot too high following their yearslong dominance of the market. Companies like software makers, meanwhile, are struggling with questions about whether they'll lose in the future to competitors powered by artificial-intelligence technology. Uber Technologies also dragged on the market after falling 5.1%. The ride-hailing company reported results for the latest quarter that fell short of analysts' expectations."

"Some tech stocks nevertheless climbed, including a 13.8% rise for Super Micro Computer. The company, which sells AI servers and other equipment, delivered a stronger profit for the latest quarter than analysts expected. Eli Lilly rallied 10.3% after topping analysts' expectations for profit in the latest quarter. It's been riding big growth created by its Mounjaro and Zepbound products for diabetes and weight loss. Match Group climbed 5.9% after reporting better results than analysts expected and increasing its dividend."

The S&P 500 fell 0.5%, marking its fifth modest loss in six days, while the Dow Jones Industrial Average rose about 260 points and the Nasdaq sank 1.5%. More than twice as many S&P stocks rose as fell, but declines in technology stocks held the headline index down for a second day. Advanced Micro Devices dropped sharply despite stronger-than-expected profit and a robust revenue forecast for early 2026. Broader tech pressure reflects worries about stretched Big Tech valuations and software competition from AI-powered rivals. Uber missed expectations and named a new CFO. Super Micro, Eli Lilly and Match Group posted gains after stronger results.

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