2024-08-05 18:58:33 ET
Intel (NASDAQ: INTC) stock got hit hard again in Monday's trading. The semiconductor company's share ended the daily session down 6.4%, according to data from S&P Global Market Intelligence . Meanwhile, the S&P 500 , Nasdaq Composite , and Dow indexes closed out the session down 3%, 3.4%, and 2.6%, respectively.
After a brutal sell-off last Friday, Intel stock lost ground again today amid a pullback for the broader market stemming from a reaction to carry trading using the Japanese yen . The chip specialist's share price was likely also negatively impacted by bearish research notes from analysts following last week's very disappointing second-quarter report.
Intel stock hit a fresh 10-year low on Monday, but it was far from the only company to see a significant valuation contraction. The broader market sank following selling action and concerns about risks associated with " carry trade " strategies using the Japanese yen. Due to low interest rates in the country, some investors have been borrowing the country's currency and then pouring it into the " Magnificent Seven " and other growth-oriented stocks.
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Why Intel Stock Plummeted Again Today