S&P 500, Nasdaq end lower as chip stocks weigh
Among the 11 major sectors in the S&P 500, energy stocks led the percentage gainers, while technology suffered the steepest loss.
On Thursday, US stocks declined as geopolitical tensions in the Middle East and reduced US oil production sparked a rise in crude prices. The Nasdaq Index experienced the most significant drop, while the S&P 500 had a slight decrease. Chipmakers witnessed a substantial decline of 3.4%, following a Financial Times report that OpenAI's annualized revenue fell 20 billion dollars short of their previous estimates.
Market analysts pointed to the anticipation of third-quarter earnings and the ongoing Iran conflict driving oil prices higher. In response to increasing inflation, the Federal Reserve had raised interest rates in September, with a 69.2% probability of another hike this year. Among the 11 major sectors in the S&P 500, energy stocks were the top gainers, while technology firms, particularly chip companies, suffered the steepest losses.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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