S&P 500 ends near flat as investors focus on US-Iran war
The Dow Jones Industrial Average fell 162.41 points, or 0.32 per cent, to 51,349.18.
The S&P 500 remained essentially unchanged on September 24th, 2023, as investors remained cautious amid concerns over a potential US-Iran war. Microsoft shares slipped while Meta Platforms saw a rise, driven by optimism over the company's recent AI developments. Oil prices surged over 3% to nearly $107 per barrel following a Houthi missile strike on Saudi Arabia, fueling worries about supply disruptions.
The S&P 500 dipped 2.20 points (0.03%) to close at 7,703.83 points, while the Nasdaq Composite gained 1.76 points (0.01%) to 26,937.79, and the Dow Jones Industrial Average fell 162.41 points (0.32%) to 51,349.18. The S&P 500 has traded near 19 times expected earnings, the lowest valuation since 2023, reflecting heightened uncertainty.
AI-related heavyweights like Microsoft and Broadcom underperformed, while Advanced Micro Devices rose. Meta Platforms' stock appreciated after unveiling a handheld device for its AI assistant. Treasury yields climbed, with the 30-year bond reaching its highest level since 2004, making safe-haven Treasuries comparatively more appealing to investors than stocks.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- US stocks: S&P 500 ends nearly flat as US-Iran talks help stocks pare losses economictimes.indiatimes.com
