INA–Follow up
Major US stock market indices showed mixed performance, coinciding with a decline in shares of companies specializing in artificial intelligence. Meanwhile, lower global oil prices provided support for most stocks and indices in the financial markets.
Financial reports, monitored by the Iraqi News Agency (INA), indicated that the S&P 500 index fell by 0.1% after retreating from its record high reached in the previous session. The Dow Jones Industrial Average rose by approximately 720 points, or 1.4%, while the Nasdaq Composite Index declined by 0.7%.
The reports added that “the 2.9% drop in Brent crude oil prices to $94.96 per barrel helped support a large portion of stocks, following a previous rally driven by geopolitical tensions between Washington and Tehran.” They noted that “investors are awaiting a potential agreement to reopen the Strait of Hormuz to oil tankers, which could boost global supply flows and put downward pressure on prices.”
Regarding company performance, data indicated that “shares of artificial intelligence chipmaker Broadcom fell by 14.5% despite the company reporting earnings that exceeded expectations, amid analysts’ concerns that its market value has risen too rapidly.” Shares of Marvell Technology also declined by 4.6%, Micron Technology by 8.1%, and CrowdStrike Holdings by 7.9%.
In the bond and economic data sector, the yield on the benchmark 10-year US Treasury note fell to 4.45%, easing pressure on financial markets. This coincided with data showing a slight increase in US jobless claims and a limited slowdown in the labor market.
Globally, reports indicated that European markets recorded slight gains, while Asian stock exchanges experienced a collective decline. South Korea’s Kospi index fell by 1.8%, Hong Kong’s Hang Seng index by 1.5%, and Japan’s Nikkei index by 1.4%.