New York Dow Jones Stock Exchange Ends Lower on Chip Stocks and Bond Yields
Friday (September 15) saw a decline in the New York Dow Jones Stock Exchange index as chip stocks faltered due to concerns over weak consumer demand. In addition, the rise in US bond yields weighed on Amazon stocks and other major growth companies.
- The Dow Jones Industrial Average closed at 34,618.24 points, down 288.87 points or 0.83%.
- The S&P 500 index closed at 4,450.32 points, down 54.78 points or 1.22%.
- The Nasdaq index closed at 13,708.217 points, with a decrease of 0.39%.
Throughout the week, the Dow added 0.12%, while the S&P 500 and Nasdaq experienced losses of 0.16% and 0.39% respectively.
All sectors of the S&P 500 index witnessed declines, with information technology stocks leading at a loss of 1.95% followed by luxury goods stocks at 1.88%.
Notably, chipmakers like Applied Materials, Lam Research, and KLA Corp faced a decline of over 4% after reports revealed that Taiwan’s TSMC had requested major companies to postpone chip deliveries.
The Philadelphia semiconductor index was affected as well, with Advanced Micro Devices dropping 4.8%, while Broadcom and Micron Technology witnessed declines of more than 2%.
The strike by United Auto Workers (UAW) at General Motors, Ford, and Chrysler factories raised concerns about chip demand from car manufacturers.
Prior to the Federal Reserve’s (Fed) monetary policy meeting, US government bond yields experienced a rise. The Fed is faced with a strong US economy and inflation levels persisting above the target.
According to CME’s FedWatch Tool, traders predict a 97% chance of the Fed maintaining interest rates during its September 20 monetary policy meeting, with a 67% likelihood of no change in rates.
Stocks more susceptible to rising interest rates, including Amazon, Microsoft, and Meta Platform, encountered declines of over 2%, while Adobe shares hit their lowest point in over two weeks with a decrease of 4.2% after announcing a project to issue up to $3 billion in commercial securities on September 8.
Arm Holdings experienced a consecutive decline of 4.5% in its second day of trading. This follows an initially strong day of trading on September 14, which fostered hopes of a recovery in the IPO market.
The New York Dow Jones Stock Exchange index closed lower on Friday (September 15) as chip stocks fell on concerns about weak consumer demand. Meanwhile, the rise in US bond yields has weighed on Amazon stocks. and stocks of other large growth companies
The Dow Jones Industrial Average closed at 34,618.24 points, down 288.87 points or -0.83%, the S&P 500 index closed at 4,450.32 points, down 54.78 points or -1.22%, and the Nasdaq index closed at 13,708.217 points, or down 13,708.27 points. %.
In this week the Dow added 0.12%, while the S&P 500 lost 0.16% and the Nasdaq lost 0.39%.
All 11 sectors of the S&P 500 index fell, led by information technology stocks, which lost 1.95% and luxury goods stocks, which lost 1.88%.
Shares of chipmakers such as Applied Materials, Lam Research and KLA Corp fell. more than 4% after Reuters reported that Taiwan’s TSMC had asked traders for major companies to delay chip deliveries
Indian shares fell 3.7%, Advanced Micro Devices lost 4.8%, while Broadcom and Micron Technology fell more than 2%, weighing down the Philadelphia semiconductor index. About 3%
There are concerns about the demand for chips from car manufacturers. After the United Auto Workers (UAW) union went on strike at factories belonging to General Motors, the parent company of Ford and Chrysler, Stellantis,
US government bond yields rose ahead of the Federal Reserve’s (Fed) monetary policy meeting next week. Meanwhile, the Fed faces a strong US economy and inflation remains above target levels.
CME’s FedWatch Tool indicates that traders expect a 97% chance that the Fed will hold interest rates at its September 20 monetary policy meeting and a 67% chance that the Fed will hold interest rates.
Growth stocks that are more sensitive to rising interest rates, such as Amazon and Microsoft fell more than 2%, and Meta Platform shares lost 3.7%.
Adobe shares fell 4.2% to their lowest level in more than two weeks after the company revealed a project to issue up to $3 billion in commercial securities on September 8. After the release of 3rd quarter results
Arm Holdings shares fell 4.5% in a second day of trading. After a strong first day of trading on Thursday (September 14), hopes rose for a recovery in the IPO market.
#York #Stock #Market #Situation #Dow #Jones #closes #points #RYT9
