U.S. Stocks Close On Mixed Note; Dow Rises To New High, Nasdaq Tumbles
17 Julho 2024 - 5:41PM
IH Market News
U.S. stocks turned in a mixed performance on Wednesday with
geopolitical concerns and profit warning from Dutch semiconductor
firm ASML (NASDAQ:ASML) rendering the mood cautious.
Among the major averages, the Dow moved on to a new high, while
the tech-laden Nasdaq ended sharply lower.
The Dow ended with a gain of 243.60 points or 0.59 percent at
41,198.08. The S&P 500 settled with a loss of 78.93 points or
1.39 percent at 5,588.27, while the Nasdaq dropped 512.42 points or
2.77% to 17,996.92.
Semiconductor stocks fell, resulting in the Philadelphia
Semiconductor index suffering a loss of nearly 7 percent.
The sell-off by semiconductor stocks came after a report from
Bloomberg said President Joe Biden’s administration is considering
tougher trade rules against companies in its chip crackdown on
China.
Bloomberg said the administration has told allies that it’s
considering using the most severe trade restrictions available if
companies continue giving China access to advanced semiconductor
technology.
Citing people familiar with recent discussions, Bloomberg said
the U.S. is mulling whether to impose a measure called the foreign
direct product rule, which lets the country impose controls on
foreign-made products that use even the tiniest amount of American
technology.
Negative sentiment was also generated after former President
Donald Trump suggested Taiwan should pay the U.S. for defense,
claiming the country took “about 100%” of America’s chip
business.
Nvidia (NASDAQ:NVDA) fell 6.6 percent. Advanced Micro Devices
plunged more than 10 percent. Applied Materials lost 10.6 percent,
Micron Technology (NASDAQ:MU) tumbled 6.25 percent, and KLA
Corporation fell 10 percent.
Meta Platforms (NASDAQ:META) ended 5.6 percent down. Applied
Materials Inc. shares plunged more than 10 percent. Apple Inc.,
Microsoft Corporation, Alphabet, Eli Lilly, Amazon, Tesla,
Broadcom, Oracle Corporation, Qualcomm and Texas Instruments also
ended sharply lower.
ADP, Progressive Corporation, AT&T, Comcast Corporation,
Pfizer, Verizon Communications, Philip Morris International, Abott
Laboratories, McDonald’s Corporation, Cisco Systems, Wells Fargo,
Pepsico, Coca-Cola, and Chevron Corporation posted strong
gains.
On the economic front, the Commerce Department released a report
showing a significant rebound by new residential construction in
the U.S. in the month of June.
The report said housing starts shot up by 3.0 percent to an
annual rate of 1.353 million in June after plunging by 4.6 percent
to a revised rate of 1.314 million in May.
Economists had expected housing starts to jump by 2.6 percent to
a rate of 1.310 million from the 1.277 million originally reported
for the previous month.
The Commerce Department said building permits also surged by 3.4
percent to an annual rate of 1.446 million in June after tumbling
by 2.8 percent to a revised rate of 1.399 million in May.
Building permits, an indicator of future housing demand, were
expected to rise by 0.3 percent to an annual rate of 1.390 million
from the 1.386 million originally reported for the previous
month.
A separate report released by the Federal Reserve showed
industrial production in the U.S. increased by more than expected
in the month of June.
The Fed said industrial production climbed by 0.6 percent in
June after jumping by 0.9 percent in May. Economists had expected
industrial production to rise by 0.3 percent.
In overseas trading, Asian markets ended mixed. Japan’s Nikkei
225 Index fell by 0.4 percent, while Hong Kong’s Hang Seng Index
inched up by 0.1 percent.
European stocks spent much of the day’s session in the red on
Wednesday, and although a few markets managed to close in positive
territory, the mood remained cautious with a negative bias due to
geopolitical concerns, and worries about Chinese demand.
Germany’s DAX and France’s CAC 40 closed lower by 0.44 percent
and 0.12 percent, respectively. The U.K.’s FTSE 100 climbed 0.28
percent.
SOURCE: RTTNEWS
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