On Tuesday, Wall Street saw a decline from its record highs as major drops in Nvidia and other semiconductor stocks occurred alongside falling oil prices.
Market Performance Overview:
- S&P 500 Futures: Fell to 5,815.26, a decrease of 0.76%.
- S&P 500: Closed at 5,815.26, down by 0.76%.
- Nasdaq Composite: Dropped to 18,315.59, losing 1.01%.
- Dow Jones Industrial Average: Declined to 42,740.42, marking a 0.75% decrease.
- STOXX Europe 600: Ended at 520.57, down by 0.80%.
- FTSE 100: Decreased to 8,249.28, down 0.52%.
- CSI 300: Dropped to 3,855.99, a decline of 2.66%.
- Nikkei 225: Rose to 39,910.55, an increase of 0.77%.
- Bitcoin: Increased to $66,744.19, up by 1.07%.
United States: Wall Street’s Decline
Technology stocks led to Wall Street’s decline, with Nvidia dropping by 4.5%, contributing to the S&P 500’s fall of 0.76%. The Dow closed down 0.75%, and the Nasdaq was hit hardest, falling 1.01%. The drop in semiconductor stocks was exacerbated by Dutch supplier ASML’s quarterly results, which caused its U.S.-listed shares to plunge 16.3%.
Europe: Markets Affected by Falling Oil Prices
European stocks started around breakeven but ended mostly lower on Tuesday as both oil prices and tech stocks declined. The Stoxx 600 index fell by 0.80%, with most major markets in negative territory. Performance across European sectors varied, with media stocks gaining 1.46% while oil and gas stocks fell 3.24% following declines in the oil market.
China: Stocks Impacted by Weak Export Data
Chinese shares fell in response to a lack of new significant stimulus measures and disappointing export numbers. Exports grew only 2.4% year-over-year in September, well below the expected 6% growth. The CSI 300 index, which includes the 300 largest companies on the Shanghai and Shenzhen exchanges, decreased by 2.66%, while the Hang Seng index in Hong Kong dropped 3.67%.
Japan: Semiconductor Sector Boost
The Nikkei 225 saw a gain of 0.77%, momentarily reaching a three-month peak driven by technology and financial stock gains. Nvidia’s robust performance supported increases in semiconductor-related companies, such as Tokyo Electron and Advantest, with rises of 4.49% and 3.37% respectively. Softbank, which holds a majority in chip giant Arm Holdings, surged 5.76%. The weakening yen, benefiting Japanese exporters, also contributed to the support of Nikkei stocks.
Outlook: Continuation of Earnings Season
The earnings season progresses with Morgan Stanley set to report on Wednesday, Netflix on Thursday, and P&G along with American Express on Friday.