The Wall Street Stock Exchange in the red on Tuesday
by Sinéad Carew and Lisa Pauline Mattackal
The New York Stock Exchange ended lower on Tuesday, the day after closing records for the Dow Jones and the S&P-500, with the decline of semiconductor manufacturers in a context of concern over weak demand, while the sector of The energy sector fell in the wake of falling oil prices.
The Dow Jones index fell 0.75%, or 324.80 points, to 42,740.42 points.
The broader S&P-500 lost 44.59 points, or 0.76%, to 5,815.26 points.
The Nasdaq Composite fell 187.10 points (1.01%) to 18,315.59 points.
As the quarterly results season began, the results communicated during the day were mixed, even if several financial services provided reassurance.
Nvidia, heavyweight in artificial intelligence (AI), particularly weighed on the Nasdaq. The day after a closing peak, the group lost 4.7% after press reports that the administration of US President Joe Biden is considering setting a threshold on exports of cutting-edge chips used for AI.
Many companies in the semiconductor sector fell following the publication of a document from ASML Holdings showing lowered expectations for its sales in 2025. ASML plunged 16%.
“There seems to be a lot more nervousness around semiconductors. This is putting pressure on the technology sector as a whole,” said Kevin Gordon, senior strategist at Charles Schwab.
While he felt that weaker than expected results served as an excuse to sell semiconductor maker stocks, Kevin Gordon said he was reassured by the fact that there were similar numbers of stocks that rose and fell. on the Nasdaq.
“It’s not a big washout,” he said, noting that stocks declining Tuesday had previously outperformed.
Among the S&P-500 sectors, energy was the worst performer. It fell 3%, its largest daily percentage decline since early October 2023, following the curve of oil prices as demand is expected to decline after press reports suggesting that Israel will not target oil facilities in Iran in response to the missile attack on Tehran in early October.
Technologies lost 1.8%. The so-called defensive sectors outperformed, such as real estate which gained 1.2%.
Investors are awaiting new sets of results this week as well as key economic data, such as monthly US retail sales and the industrial production report.
San Francisco Fed President Mary Daly said today that central bank officials were still working to ease inflationary pressures, even after September’s large rate cut.
According to FedWatch, traders are betting nearly 98% on a 25 basis point rate cut in November.
On the values side, note during the session the rise of Bank of America after quarterly results above expectations. Charles Schwab gained 6% after exceeding Wall Street forecasts in the third quarter. Citigroup, on the other hand, fell by 5%.
Despite headwinds for technology, Apple gained 1.1%. The apple firm reached a record during the session.
Walgreens Boots Alliance jumped 15.8% following slightly better-than-expected quarterly forecasts and the announcement of a cost-cutting plan with the closure of 1,200 stores.
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(Written by Jean Terzian)
