Nvidia CEO Sells $100M Worth of Shares as Chip Stocks Extend Selloff, Nasdaq Eyes Third Negative Session

Wall Street faces a continuation of last week's trend during Monday's morning trading, with semiconductor stocks selling off heavily and dragging down the tech sector

Wall Street began the week on Monday with semiconductor stocks coming under heavy selling pressure and dragging down the tech sector, while the broader market remained largely resilient with key indices posting gains.

Here's a summary of Monday's market performance and key stock movers.

Semiconductor Stocks Sell Off: Continuing last week's trend, semiconductor stocks sold off sharply on Monday, dragging down the tech sector. The VanEck Semiconductor ETF (SMH) fell over 2%, extending last week's declines. Among individual stocks, Nvidia (NASDAQ:NVDA) fell over 4%, entering correction territory after dropping more than 14% from last week's all-time highs. SEC filings on insider activity revealed that Nvidia's CEO Jen Huang sold more than $100 million worth of shares between June 13 and June 21, marking his first sale since December 2021. Also notably lagging were Marvell (NASDAQ:MRVL) and Microchip (NYSE:MCHP), which dropped 9.6% and 8.3%, respectively.

Major Indices Post Gains: Despite the weakness in tech, other major indices managed to post gains on Monday. The S&P 500 rose 0.3%, the Russell 2000 gained 0.8%, and the Dow Jones Industrial Average rallied 0.9%, potentially marking its strongest session since late May. The Nasdaq 100, however, eyed its third consecutive negative session.

Treasury Yields Steady, Dollar Falls: Treasury yields remained largely steady on Monday, with the 10-year yield hovering around 4.02%. The U.S. dollar fell 0.3%, continuing its recent weakness.

Gold Prices, Energy Commodities Rise: Gold prices increased 0.4% on Monday, continuing their recent rally. Energy-related commodities also saw gains, with crude and natural gas up approximately 1% and 2%, respectively.

Bitcoin Falls: Bitcoin (BTC/USD) fell over 4% to $60,400, heading for its seventh negative session in the last eight. The broader cryptocurrency market's momentum remained fragile on Monday.

News source：https://www.kdj.com/cryptocurrencies-news/articles/nvidia-ceo-sells-m-worth-shares-chip-stocks-extend-selloff-nasdaq-eyes-negative-session.html

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