Title: Stock Market Suffers losses as ISM Services Index Surprises with Unexpected Rise, Apple, Nvidia, and Tesla Experience Lagged Performance
(Word count: 398)
In the early hours of Thursday, Dow Jones futures, along with S&P 500 futures and Nasdaq futures, fell slightly, signaling a potential downturn in the stock market. The decline came after significant losses were experienced in response to the August ISM services index unexpectedly rising. The unexpected gain pushed Treasury yields and Fed rate hike odds higher, causing concern among investors.
Major tech companies, Apple, Nvidia, and Tesla, saw lagged performance in the market. Despite megacaps generally outperforming on Tuesday, these companies struggled. Moreover, the overall market breadth was weak outside of the energy sector.
Three companies, C3.ai, Sprinklr, and UiPath, reported their earnings after the close, creating anticipation among investors regarding their financial performance.
The Dow Jones futures lost 0.15%, S&P 500 futures sank 0.2%, and Nasdaq 100 futures fell 0.2%, further indicating the downward trend in the market.
Among the tech giants, Apple experienced a significant drop of 3.6% to $182.91, falling below its 50-day moving average. Similarly, Nvidia’s stock fell just over 3%, reaching $470.61 and sliding to its 21-day average, but still remaining above its 50-day average. As for Tesla, its stock fell by 1.8% to $251.92, dropping below the 50-day line, but finding support at the 21-day moving average.
The stock market rally opened lower and suffered substantial losses after the ISM services index showed a surprise gain of 1.8 points to 54.5. This unexpected increase triggered concerns about potential interest rate hikes and impacted investor sentiment.
On the commodities front, U.S. crude oil prices rose by 1% to reach $87.54 a barrel, marking a fresh 2023 closing high. The increase in oil prices remained a topic of interest among market observers.
As the global financial markets continue to navigate uncertainties, investors are closely watching for any signs of recovery and potential impacts on key sectors. The evolving dynamics of the stock market and various industries surely remain in the spotlight, influencing investment decisions globally.
Sources:
– (source: investors.com)
“Infuriatingly humble tv expert. Friendly student. Travel fanatic. Bacon fan. Unable to type with boxing gloves on.”