New York Stocks: All Three Major Indexes Fall; Semiconductor and Storage Stocks Surge
On September 4, all three major New York stock indexes—the Dow Jones, S&P 500, and Nasdaq—closed lower. In contrast, the Philadelphia Semiconductor Index surged 3.38%, while storage-related stocks posted standout gains: SanDisk jumped 11.90%, SK Hynix ADR rose 8.14%, and Micron climbed 6.10%. Large-cap tech showed sharp divergence, with Tesla plunging 5.92% and Apple and Microsoft each falling more than 2%. The software sector lagged badly, led by Guidewire's 19.9% collapse, while Chinese company stocks actually rose. International oil prices extended their winning streak to five consecutive sessions amid Middle East tensions.
All three major New York stock indexes closed lower on September 4 (local time). The semiconductor sector showed strength, with the Philadelphia Semiconductor Index surging more than 3%, while storage-related stocks ran hot enough that some names posted double-digit gains. Large-cap tech stocks were mixed on a name-by-name basis, and Chinese company stocks actually moved higher.
The Dow Jones Industrial Average finished at 53,414.25, down 271.86 points (0.51%) from the previous session. The S&P 500 fell 29.11 points (0.38%) to 7,718.60, and the Nasdaq Composite slipped 77.07 points (0.29%) to 26,506.99. The Nasdaq 100, however, rose 61.84 points (0.21%) to close at 29,544.16, indicating that tech stocks were not uniformly weak across the board.
The day's performance across major indexes and sector indexes is summarized below.
| Category | Index | Change |
|---|---|---|
| Major Index | Dow Jones Industrial Average | -0.51% |
| Major Index | S&P 500 | -0.38% |
| Major Index | Nasdaq Composite | -0.29% |
| Major Index | Nasdaq 100 | +0.21% |
| Sector Index | Philadelphia Semiconductor Index | +3.38% |
| Sector Index | Nasdaq China Golden Dragon Index | +0.89% |
| Volatility | VIX | +1.47% |
| Oil | WTI (October contract) | +0.2% |
| Oil | Brent (November contract) | +0.8% |
Semiconductors were unquestionably the centerpiece of the day's market action. The Philadelphia Semiconductor Index surged 383.13 points (3.38%) to 11,735.26. Among individual names, AMD rose 4.69%, Intel gained 4.51%, ASML Holding ADR climbed 4.17%, and Lam Research advanced 5.12%. Nvidia eked out a 0.84% gain—modest, but the fact that it did not decline underscored how investor sentiment tilted decisively toward semiconductors.
Storage-related stocks delivered the most striking upside of the session. SanDisk soared 11.90%, while SK Hynix ADR jumped 8.14%. Micron Technology rose 6.10%, Western Digital gained 5.86%, and Seagate Technology climbed 6.34%. Analysts attributed the buying spree to expectations that AI server semiconductor demand is now spreading into the storage segment.
Note: In a report released on July 30, Omdia raised its 2026 global semiconductor revenue growth forecast to 94.1% year-over-year, citing surging memory demand from AI servers. The firm noted that memory semiconductors (DRAM and NAND) are expected to account for more than half of total semiconductor revenue this year, and that high-bandwidth memory (HBM) supply remains structurally constrained because only three companies—SK Hynix, Samsung Electronics, and Micron—are capable of volume production. Computing and data storage segment revenue is projected to grow more than 150% year-over-year, approaching the $1 trillion mark.
Beyond semiconductors, Cerebras Systems rose 10.3% and Astera Labs gained 9.75%, spreading warmth across AI infrastructure names broadly. TSMC ADR also climbed 2.85%.
Large-cap tech showed pronounced divergence. Tesla plunged 5.92%, leading the index decline, while Apple fell 2.51% and Microsoft dropped 2.04%. Alphabet Class A and Class C shares declined 1.11% and 1.05%, respectively, and Amazon was down 0.15%. Meta, by contrast, rose 1.00%, and Broadcom edged up 0.21%, holding up relatively well.
The software sector was among the weakest corners of the market. Guidewire Software collapsed 19.9%, UiPath fell 16.6%, Asana dropped 12.7%, Autodesk declined 8.3%, and Adobe slid 6.7%. Market participants attributed the weakness to rate-hike concerns weighing on growth-stock valuations. Palantir Technologies also fell 4.49%.
The day's biggest gainers and losers are summarized below.
Chinese company stocks moved against the broader U.S. market's weak tide. The Nasdaq China Golden Dragon Index rose 0.89%, and a representative Chinese tech stock index gained 1.49%. Among individual names, Yixian E-Commerce surged 12.15%, Lanz Medical jumped 11.22%, and Haichuan Securities climbed 9.27%. Baidu rose more than 4%, while Kingsoft Cloud and Suidi also gained over 4%.
Defensive, financial, and energy stocks could not escape the selling pressure either. Eli Lilly fell 0.88%, Johnson & Johnson declined 1.15%, AbbVie dropped 1.44%, and Merck slipped 1.32%. JPMorgan Chase fell 0.94% and Bank of America edged down 0.06%. ExxonMobil Holdings declined 1.69%, Chevron slid 1.29%, and Visa and Mastercard fell 0.97% and 1.11%, respectively.
Some industrial and technology names, however, bucked the trend. Oracle rose 3.08%, Caterpillar gained 1.72%, and GE Aerospace advanced 1.09%. HSBC Holdings ADR also edged up 0.61%. Berkshire Hathaway Class A and Class B shares fell 0.48% and 0.41%, respectively, failing to escape the broader market weakness.
The VIX volatility index rose 0.21 points (1.47%) to 14.53. While risk appetite has not been dramatically dented, caution appeared to be creeping higher alongside the decline in major indexes.
International oil prices extended their rally as Middle East instability spread to the Bab el-Mandeb Strait. On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for October delivery settled up 0.2% at $91.48 per barrel. WTI has now risen for five consecutive sessions since August 31. On London's ICE Futures Exchange, Brent crude for November delivery closed up 0.8% at $96.28 per barrel.
In sum, the New York stock market closed in mixed fashion on the day, as declines in mega-cap names such as Apple, Microsoft, and Tesla weighed on the broader indexes despite strong gains in semiconductor and storage stocks. Market participants appeared to be digesting a dual dynamic: enthusiasm over the AI infrastructure investment cycle expanding from semiconductors into storage, tempered by rate concerns pressuring growth stocks across the board.
