S&P 500, Nasdaq end lower as crude prices jump, chip stocks weigh
The Dow Jones Industrial Average rose 51.77 points, or 0.10%, to 51,231.64.
On October 8, US stocks declined as crude prices increased due to heightened Middle East tensions and reduced US oil output, causing inflation fears and concerns of potential interest rate hikes. The Nasdaq saw the steepest loss, followed by the S&P 500 and the Dow Jones Industrial Average, while chip stocks experienced a significant drop.
Semiconductors, which had risen over 80% this year, underperformed due to a report revealing OpenAI's annualized revenues were $20 billion less than previously announced. The US Federal Reserve raised interest rates for the first time since July 2023, and markets expected no further hikes in December. Financial markets expect the central bank to potentially raise rates, but the timing remains uncertain.
Energy stocks led the percentage gainers in the S&P 500, while technology, particularly chip stocks, suffered the most significant losses.
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