S&P 500 and Nasdaq Close 0.6% As Sentiment Reversed in US Session
Risk sentiment was positive in the European session as China introduced more stimulus, but turned sour in the US session, sending S&P 500 and Nasdaq 0.6%, with Dow Jones suffering similar losses.
The broader market’s moderate decline reflects growing caution as investors await further clarity on monetary policy, economic data, and corporate earnings. Oracle’s results and subsequent stock drop highlight the sensitivity of tech valuations to earnings and guidance. This could impact investor confidence in the broader technology sector in the coming sessions.
US Stock Market Performance
- Major Indices Decline:
The major US stock indices closed with moderate losses, reflecting cautious investor sentiment.- Dow Jones Industrial Average: Down 240 points (-0.5%) to 44,401.
- S&P 500 Index: Down 30 points (-0.6%) to 6,052.
- NASDAQ Composite: Down 123 points (-0.6%) to 19,736.
- Russell 2000: Down 16 points (-0.7%) to 2,392.
Losses were broad-based across sectors, with particular pressure on technology and small-cap stocks, as reflected by declines in the NASDAQ and Russell 2000 indices.
Notable Stock Losers in the Market Today
The market saw significant losses among several prominent stocks and assets, particularly in the tech, cryptocurrency, and travel sectors:
- Semiconductors & Tech:
- AMD: Dropped 5.84%, likely impacted by broader tech sector weakness and concerns over chip demand.
- Palantir: Declined 5.54%, possibly due to profit-taking after recent strong performance or macro pressures on growth stocks.
- Roblox: Fell 4.63%, reflecting continued volatility in the gaming and entertainment sector.
- Cryptocurrency-Related:
- Travel and Financial:
- United Airlines Holdings: Fell 4.52%, potentially influenced by rising oil prices or sector-specific concerns.
- Robinhood Markets: Declined 4.43%, likely tied to weaker cryptocurrency sentiment and concerns over trading activity.
Oracle Q3 2024 Earnings
- Earnings Report:
Oracle released its Q3 2024 financial results after the market closed, revealing slight misses on key metrics:- Adjusted EPS: $1.47 versus $1.48 expected.
- Revenue: $14.1 billion, in line with estimates.
- Market Reaction:
- Oracle shares dropped sharply by 9.0% in volatile after-hours trading, signaling disappointment among investors.
- Concerns over the company’s growth prospects or profitability in key segments may have driven the negative sentiment.
Many tech and high-growth names faced selling pressure, reflecting investor caution in a risk-off environment. The pullback in cryptocurrencies weighed heavily on related equities and instruments. Stocks like United Airlines were affected, possibly due to cost pressures or seasonal demand concerns.
S&P 500 Live Chart
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