US markets little changed as chip stocks drag, S&P 500 trades flat-to-negative; GIFT Nifty up

The US markets continued to trade flat on June 21 as chip stocks dragged. Meanwhile, freshly released economic data was encouraging. Reuters reported that despite business activity in the US creeping up to a 26-month high in June, price pressures subsided considerably, thus offering hope that a recent slowdown in inflation might sustain. Manufacturing PMI for the month increased to 51.7, as against the expected dip to 51.

S&P 500 at 9:15pm IST traded flat-to-negative at 5,469 and the Nasdaq Composite was marginally up by 0.11 percent at 17,740. The Dow Jones Industrial Average fell 0.1 percent to 39,096.

The AI chipmaker, Nvidia, tumbled nearly 4.5 percent after the stock lost its position as the biggest company in terms of market valuation to Microsoft in the previous session. Other top market losers included Micron Technology, Western Digital, Qualcomm and Broadcom which fell between 4 to 6 percent.

The GIFT Nifty traded flat-to-positive at 23,474.50, after the Indian indices ended negative earlier during the day.