S&P 500 and Nasdaq 0.3% Down Despite China Stimulus Promises
Today was another bearish day for stock markets, with the S&P 500 and Nasdaq closing 0.3% lower, after suffering more severe losses yesterday.
The US stock market experienced a mixed day, with poor performance in several areas but some standout exceptions. In the technology sector, Google (GOOGL) was a notable winner, posting impressive gains of +5.6%. In contrast, Oracle (ORCL) suffered a steep decline of -6.7%, at one point dropping nearly -10% intraday. Despite this, the Software-Infrastructure segment, including Microsoft (MSFT), remained relatively stable with only a slight dip of -0.13%.
Overall, all major indices closed lower, with the Russell 2000 showing the largest decline at -0.4%. Meanwhile, Chinese President Xi Jinping delivered a speech emphasizing that China would continue to be the primary driver of global economic growth. While his remarks did not have an immediate impact on the markets, they added to the ongoing debate about the level and nature of China’s economic support.
Closing Levels for Major US Stock Indices
- Dow Jones Industrial Average: Declined by -154.10 points (-0.35%) to close at 44,247.83.
- S&P 500 Index: Dropped -17.94 points (-0.30%) to finish at 6,034.91.
- NASDAQ Composite: Fell -49.45 points (-0.30%) to end at 19,687.24.
- Russell 2000: Down -10.06 points (-0.42%) to settle at 2,382.77.
Notable Large-Cap Losers
Declines:
- Oracle: Plunged -6.7% after disappointing earnings.
- Dell: Slid -5.7%, extending its struggles following earnings results.
- Nvidia: Dropped -2.7%.
- Palantir: Decreased by -2%.
- AMD: Declined -2.5%.
- Super Micro Computer (SMCI): Tumbled -8%.
- Taiwan Semiconductor (TSMC): Fell -3.6%.
Gainers:
- Google (Alphabet): Surged 5.6%, marking its best performance since April
S&P 500 Live Chart
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