Wall Street starts lower as technology, chip stocks fall
Date
7/18/2024 7:27:17 AM
(MENAFN) Wall Street began the trading session on Wednesday with significant declines, driven by sharp losses in major technology and semiconductor Stocks amidst a backdrop of corporate earnings reports and looming expectations of heightened U.S. trade restrictions on Chinese semiconductor imports.
The Dow Jones Industrial Average opened down 91.91 points, or 0.22 percent, at 40,862.57, reflecting broad-based selling pressure across various sectors. Meanwhile, the Standard & Poor's 500 index dropped 57.13 points, or 1.01 percent, to 5,610.07, indicating a notable retreat in broader market sentiment.
The Nasdaq Composite Index, heavily weighted with technology and semiconductor companies, saw the most pronounced decline, falling 321.15 points, or 1.74 percent, to 18,188.19 points shortly after the opening bell. The steep drop in the Nasdaq underscored investor concerns over the outlook for tech stocks amidst ongoing volatility and uncertainties in global trade policies affecting the semiconductor industry.
The market reaction comes amid a flurry of corporate earnings releases, where mixed results have added to the cautious sentiment prevailing on Wall Street. Additionally, reports suggesting potential tougher U.S. trade measures targeting Chinese semiconductor imports have further weighed on investor sentiment, particularly impacting tech and chip-related stocks. As trading progresses, market participants are closely monitoring developments in corporate earnings and external trade policies for further cues on market direction.
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