S&P 500 Falls: Intel Stock Crashes, AMD Stock Surges, Gold Price Breaks Record on U.S.-China Tension
The S&P 500 Index (SNPINDEX: ^GSPC) closed down 20 points, or 0.62%, on July 24, a second-straight sell-off to close the week lower than it started for the first time in almost a month. Today's decline was driven by worries that tensions between the U.S. and China are rising, as the White House doubles down on its "tough on China" platform.
This uncertainty compounds ongoing economic worries as the coronavirus pandemic worsens, sending more investors into gold as a hedge. Gold futures moved higher, surpassing the all-time high reached almost nine years ago.
Today's stock sell-off was broad, with well over 300 of the slightly more than 500 stocks in the S&P 500 falling today. Most notably was Intel (NASDAQ: INTC), with shares down around 16% on the day, while rival Advanced Micro Devices (NASDAQ: AMD) shares surged 16% higher after Intel announced its next generation of advanced chips would be delayed.
Source Fool.com
