Nasdaq drops 1% as chip stocks tumble and oil spikes; Dow slips below 53,000: Live updates - CNBC
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- Nasdaq dropped 1% as chip stocks tumbled and oil prices spiked, with the Dow slipping below 53,000 in the same session.
- SpaceX drew bullish analyst calls even as a broader tech rout deepened across chipmakers and AI-trade names remained the focal point of market moves.
Why it matters: A simultaneous 1% Nasdaq drop and oil spike hits the AI-driven chip trade that's powered market gains, while SpaceX emerges as a countertrend beneficiary with bullish Wall Street sentiment despite the broader tech sell-off.
