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- October 24, 202615°
- BIST10011,117-0.92%
- USD49.63+0.05%
- EUR55.70+0.05%
- GOLD4,010.00-1.24%
- INTEREST36.00%-1.00
- BITCOIN81,350+0.04%
- October 24, 202615°
US Stock Markets Close Mixed Amid Pressure on Chip Stocks
The New York stock market showed a mixed trend on the third trading day of the week. Selling pressure on chip companies and upcoming macroeconomic data led investors to remain cautious.
The New York stock market ended the third trading day of the week with a mixed outlook. While the recovery in chip stocks slowed down, investors remained cautious ahead of tomorrow's US inflation data and the upcoming company IPO at the weekend.
Market Closing of the Day
At the close, the Dow Jones index rose by 0.17% to 50,872.11 points. The S&P 500 index fell by 0.26% to 7,386.65 points, and the Nasdaq index closed down 0.97% at 25,678.82 points.
Selling Pressure on Chip Stocks
Semiconductor stocks, which had sharply declined last week, partially recovered their losses on Monday. However, selling pressure reemerged today, with notable declines in technology-heavy stocks.
Marvell Technology shares dropped 7.6%, Qualcomm shares fell 5.7%, AMD shares decreased by 3%, and Intel shares lost 2.1%. This pullback raised questions about whether the recovery in chip stocks is sustainable.
Caution Ahead of Data and IPO
Analysts noted that investors adopted a wait-and-see approach ahead of the US consumer inflation data for May, to be released tomorrow. The SpaceX IPO, expected to take place on Friday, was also closely watched in the markets.
These two developments intensified the search for direction, especially in technology and growth stocks. Short-term pricing in the market is expected to be shaped by expectations from upcoming data.
Geopolitical Headlines Also Influenced Pricing
On the geopolitical front, US President Donald Trump announced that Iran had shot down a US Apache helicopter and that they would respond. This statement was one of the factors weakening risk appetite in the markets.
Following US Energy Secretary Chris Wright's remarks about a significant increase in ship traffic through the Strait of Hormuz, the decline in oil prices slowed. Nevertheless, Brent crude futures stood at $91.72 per barrel as of 23:10 TRT, down 2.7%.
At the same time, West Texas Intermediate crude fell 3.1% to $88.48 per barrel. Volatility in the energy market was another factor supporting the cautious mood on the stock market.
Macro Data Came Both Below and Above Expectations
US trade deficit in April decreased by 1.2% monthly to $55.9 billion, falling short of market expectations. Conversely, existing home sales rose 3.2% in May, exceeding forecasts.
The data indicated mixed signals in the economy, while investors shifted their focus to inflation and interest rate paths. Therefore, sharp directional changes in the markets are considered possible in the short term.
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