US stock markets closed sharply lower on Thursday – the S&P 500, Nasdaq, and Dow Jones indices fell to their lowest levels in two weeks due to renewed sell-offs in technology companies and concerns about the economic stability of the United States. This is reported by Reuters, writes UNN.
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Shares of giants Microsoft and Nvidia lost 1.8% and 3% respectively, dragging down the information technology sector. The SOX semiconductor index fell by 2.4%. Qualcomm dropped almost 5% after warning of a possible reduction in orders from Samsung, and DoorDash lost 16.5% after a weak earnings report.
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The consumer goods sector also suffered losses – Tapestry shares fell by more than 10%, while Tesla fell by 4.5% ahead of a shareholder vote on Elon Musk's compensation.
We have uncertainty about the Fed's decision next month on where rates will go, markets are a bit cautious right now. It's been a great few months for the market, and a small corrective phase is needed here.
Analysts point out that the wave of layoffs in the US, according to Challenger, Gray & Christmas, has reached its highest level in 22 years, which only reinforces the uncertainty. Against this background, investors are awaiting signals from the Federal Reserve regarding a possible rate cut.