The U.S. stock market experienced a varied performance, affected by a significant drop in semiconductor stocks. On July 24, the Dow Jones and S&P 500 at the New York stock exchange ended with increases of 0.46% and 0.05%, respectively. Meanwhile, the tech-focused Nasdaq declined by 0.64% as major firms reported mixed results. On that day, Apple climbed 3.53% on the Nasdaq, while Alphabet, the parent company of Google, also increased by 0.65%, demonstrating stronger performance. However, drops in SpaceX (-2.68%), Meta (-1.8%), and Tesla (-2.08%) restricted overall gains.
Specifically, the significant drop in semiconductor stocks is considered to have pulled down the Nasdaq. Fears that semiconductor stocks may have reached a peak continue, and as uncertainties about the long-term viability of recent large tech companies’ increased investments in artificial intelligence resurface, semiconductor stocks have fallen consecutively. Notably, Nvidia declined by 0.92%, while Broadcom dropped 2.69%, Micron fell 6.99%, AMD decreased by 3.29%, and SanDisk lost 10.79%. SK Hynix ADR also experienced a decline of 8.81%.
On that day in the stock market, news of China’s decision to restart talks between the U.S. and Iran was seen as a positive development, although it was considered inadequate. That day, Reuters reported, citing a source from the Pakistani government, “China is unhappy, believing that Iran’s attacks on Gulf nations and the blockage of the Strait of Hormuz are harmful to its national interests.” As the market anticipated that conflicts in the Middle East would not escalate further, Brent crude futures, which serve as a benchmark for global oil prices, dropped 3.88% compared to the previous day, while U.S. West Texas Intermediate crude also declined by 3.12%.
jasdooit 
Leave a comment