Good afternoon and welcome to Markets Desk.
Chipmakers are weighing on the broader tape today, with the Nasdaq one hundred off nearly one and a half percent, the S&P down roughly half a point, and the Dow shedding about four tenths of a percent. Semiconductor weakness is driving the underperformance, pulling growth names lower across the session.
Staying in the technology space, the memory shortage is creating a distinct class of winners beyond the obvious names. SanDisk posted fiscal third-quarter revenue that nearly doubled from the prior quarter, with data center demand doing the heavy lifting. Investors are now scanning the landscape for additional beneficiaries as the supply-demand imbalance shows no sign of easing quickly.
On the policy front, a new legislative proposal would cap annual out-of-pocket Medicare expenses at five thousand dollars for all enrollees. The bill faces long odds, but the fiscal implications are significant — analysts say the cost to the federal government could run into the tens of billions, putting it squarely in the crosshairs of an already contentious budget debate in Washington.
That's the tape. Markets Desk, signing off the floor.
