Nasdaq falls 1.01%: Arm Holdings plummets nearly 8%, semiconductors take a hit

Workday and Intuit Hold Strong, Defensive Stocks Provide Support

In a predominantly downward-trending market, Workday, Inc. stood out by gaining 2.84% to $121.18, marking the best performance of the session on the Nasdaq. The enterprise management software provider benefited from concentrated buying in stocks with a recurring revenue model. Close behind, Intuit rose 2.68% to $400.38, continuing its positive momentum in a cautious climate. Defensive consumer stocks also showed strong resilience: Kraft Heinz gained 2.51% to $22.47, Keurig Dr Pepper 2.27% to $28.79, and Mondelez International 1.95% to $58.54. T-Mobile US climbed 2.17% to $186.72, supported by renewed interest in telecoms. In the energy sector, Diamondback Energy added 1.85% to $200.06. Adobe Inc. advanced 1.63% to $243.20, while Biogen and Zscaler gained 1.50% to $183.38 and 1.46% to $136.07, respectively.

Arm Holdings Plummets, Semiconductor Sector Under Pressure

The session was dominated by a massive sell-off in semiconductors. Arm Holdings fell by 7.98% to $198.65, marking the largest drop on the Nasdaq. The British chip designer experienced a sharp trend reversal amid profit-taking after several weeks of gains. Paccar declined by 5.97% to $119.61, while Applied Materials dropped 5.87% to $381.11. Onsemi lost 4.83% to $93.30 and KLA Corporation 4.79% to $1,808.97. Broadcom Inc. shed 4.39% to $399.83, Micron Technology 3.86% to $504.29, and Advanced Micro Devices Inc. 3.41% to $323.21. The downturn also extended to ASML Holding, down 3.34% to $1,384.56, and DexCom, which fell 3.40% to $59.32. This sharp correction reflects a sectoral rotation occurring without any immediate macroeconomic catalyst identified during the session.

A Contrasting Session at the End of April

The Nasdaq Composite thus shows a decline of 1.01% at 27,029.01 points at the close of this session on April 28, 2026, driven by a targeted lack of confidence in the most highly valued technology stocks. While semiconductors weighed heavily on the index, the resilience of some leading software stocks and defensive assets helped limit the extent of the drop. Investors are navigating a cautious atmosphere at the end of the month, balancing selective profit-taking with tactical repositioning. Tuesday's close illustrates the persistent volatility of a market searching for clear direction just days before the end of April.