US Stock Market Closes Mixed as Tech Stocks Decline
On Wednesday, the U.S. stock market saw mixed results as the three major indexes closed with varied movements. The Dow Jones Industrial Average rose slightly, while the S&P 500 and Nasdaq Composite Index both fell.
Most notably, large technology stocks experienced declines, with Tesla dropping more than 4% and reaching a new closing low. Other tech giants like Intel, Apple, and Nvidia also saw decreases. However, some tech companies like Amazon and Google managed to rise slightly.
Chinese concept stocks had a mix of gains and losses, with companies like Manbang and Pinduoduo seeing increases, while NIO and other Chinese companies experienced declines.
In European markets, stock indexes were also mixed, with the UK’s FTSE 100 rising, the CAC40 in France increasing, and the DAX in Germany experiencing a slight decrease.
In the commodity market, international oil prices rose, as did gold prices. The price of light crude oil futures and London Brent crude oil futures both saw increases, while gold futures also rose.
Overnight news included President Biden’s support for the U.S. House of Representatives passing a bill to suppress TikTok, Elon Musk’s announcement of the resumption of operations at Tesla’s German factory, Eli Lilly’s entry into Amazon Pharmacy for direct delivery, and more global market updates.
It was also reported that U.S. Steel saw a significant decline in stock prices after news that President Biden planned to intervene in Nippon Steel’s acquisition of the company. The deal, announced last year, is at risk of facing challenges as concerns are raised about the acquisition.
Overall, market movements were influenced by a mix of domestic and international factors, making for a dynamic trading day.
Source: Oriental Fortune Choice data.