US equity markets opened lower on Wednesday, extending a multi-day selloff that has disproportionately targeted the technology sector.
The decline follows a sharp downturn over the previous two trading sessions, where heavy selling in major artificial intelligence and chip stocks weighed heavily on the Nasdaq Composite.
32%. Investor sentiment is further clouded by a packed corporate calendar.
Semiconductor manufacturers faced the steepest losses in early trading.
Micron Technology shares fell 8.9%, while Advanced Micro Devices (AMD) dropped 8.2%.
The weakness in chip names reflects broader concerns about valuation multiples in the AI supply chain, a theme that has been building since Monday’s session when the Nasdaq Composite fell 1.32%.
Investor sentiment is further clouded by a packed corporate calendar.
Microsoft and Meta Platforms are scheduled to report quarterly earnings later today, adding to the uncertainty surrounding large-cap tech valuations.
Simultaneously, the Federal Reserve is set to announce its latest interest rate decision, a key data point for gauging the central bank’s stance on inflation and growth.