US stocks fall from records as semis stumble

The S&P 500 finished down 0.3% while the Nasdaq 100 slumped 0.8% in its worst day of the month. 

Even though only three sectors registered declines, when the tech sector ETF is down more than 1%, it’s going to be hard for the benchmark US stock index to avoid a daily decline. Energy was the best performing US sector ETF by a significant margin, up 1.8%.

Semiconductors were the main source of weakness inside the tech cohort: Nvidia was off 3.5% while Broadcom slumped 3.8%. Advanced Micro Devices, a relative laggard in the semi space so far this year, spiked 4.6%. An unwind of long-short momentum trades  Popular momentum positions came under pressure on Thursday outside of tech, too. Chipotle, for instance, had its worst day of the year, down more than 6%. 

Elsewhere, Kroger slumped 3.3% on earnings, as food sellers across the spectrum grapple with increasingly price-conscious consumers.