Title: US Stock Market Declines, European Market Rises as International Oil Prices Surge
Date: [Insert Date]
The US stock market experienced a collective decline, with the three major indexes closing in the red. The Dow Jones index fell by 288.87 points or 0.83% to 34,618.24 points, while the S&P 500 index dropped by 54.78 points or 1.22% to 4,450.32 points. The Nasdaq index recorded a significant decline of 217.72 points or 1.56% to 13,708.33 points.
Large technology stocks were hit the hardest, with Meta falling by over 3%, Amazon dropping by nearly 3%, and Microsoft experiencing a decline of more than 2%. Chip stocks across the board also suffered losses, with AMD plummeting by 5% and other major chip manufacturers such as ARM, GlobalFoundries, Applied Materials, and ASML falling by over 4%. Additionally, NVIDIA and ON Semiconductor recorded declines of over 3%, while TSMC, Micron Technology, Broadcom, and Intel saw drops of over 2%. Notably, ASML has experienced a steep decline of over 20% in the past two months. It has been reported that TSMC, a major supplier, has requested a delay in the delivery of high-end chip manufacturing equipment due to concerns about customer demand.
However, the precious metal sector witnessed a significant rise, with US gold experiencing a surge of over 6%, Cordelen Mining rising by nearly 4%, and Hecla Mining and Pan American Silver both recording gains of over 3%.
In the Chinese concept stock market, most popular stocks took a hit. The Nasdaq China Golden Dragon Index fell by 0.65%, while companies like NetEase Youdao, Beike, Alibaba, and Baidu all experienced declines of over 1%. Other companies such as Bilibili, Futu Holdings, JD.com, iQiyi, Weibo, NetEase, Li Auto, and Xpeng Motors also recorded slight decreases. On the other hand, Pinduoduo, NIO, and Tencent Music witnessed slight increases.
Despite the downturn in the US market, the European stock market showed resilience, as all three major indexes recorded gains. The Financial Times’ average price index closed at 7,711.38 points, up 0.50% from the previous trading day, while the CAC40 index of the Paris stock market rose by 0.96% to close at 7,378.82 points. The DAX index of the Frankfurt stock market in Germany also showed growth, closing at 15,893.53 points, up 0.56% from the previous trading day.
In the commodity market, international oil prices saw an increase. WTI October crude oil futures rose by 61 cents to close at $90.77 per barrel, representing a 0.68% increase. London Brent crude oil futures for November delivery also rose by 23 cents to close at $90.77 per barrel, a rise of 0.25%. Furthermore, the price of December gold futures on the New York Mercantile Exchange climbed $13.4 to close at $1,946.2 per ounce, a gain of 0.69%.
In overnight news, the Federal Reserve received some rare good news as consumer inflation expectations unexpectedly fell, reaching levels close to those seen before the COVID-19 pandemic. This decline in inflation expectations may encourage the Federal Reserve to keep interest rates unchanged at the upcoming meeting. Maersk, a global economic barometer, expressed optimism and stated that there are some positive signs in the global trade situation, contrary to previous warnings about shrinking demand for shipping containers. Bank of America analysts predicted a surge in oil prices, stating that Brent crude oil prices could potentially exceed $100 per barrel by 2024 if OPEC+ maintains supply cuts. The market speculated on possible interest rate cuts by the European Bank, but Christine Lagarde clarified that there have been no discussions regarding lowering interest rates. President Biden addressed the auto workers’ strike, expressing his concern over record profits not being equitably shared among employees. Japanese voice translator manufacturer Pocketalk announced plans for an IPO in the US, aiming for a valuation of $1 billion. Lastly, US offshore wind power construction goals are facing challenges due to soaring material costs, high interest rates, and supply chain delays, despite companies expressing their commitment to the projects.
Please note that Oriental Fortune publishes this content to disseminate information and it does not constitute investment advice.