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The New York Stock Exchange closed with mixed results on Wednesday, highlighting the drag of the semiconductor makers sector on the tech-heavy Nasdaq, while the main Dow Jones indexes hit new highs.
According to the operator, the Industrial Dow Jones Index continued to benefit from the inflow of funds into other underperforming industry stocks today, and finally rose 0.59% to 41,198.08 points. This is his third consecutive record.
The Nasdaq index recorded its biggest one-day drop since 2022, falling 2.77% to 17,996.92 points, while the S&P 500 index, which is the main reference for shareholders, expanded and eventually fell 1.39% to 5,588.27 points.
Analysts described the day’s developments as an inevitable cooling-off period for tech industry giants, including Meta, the parent company of social media groups Facebook and Instagram, and semiconductor giant Nvidia after reporting bumper 2024 profits.
Semiconductor companies, which have helped lead the market this year, have also come under pressure from reports that U.S. President Joe Biden’s administration is considering new export controls to restrict imports of Chinese chips.
In addition, Republican candidate Donald Trump raised suspicions when he said Taiwan “should pay the United States for help with its defense sector” in the face of threats from Beijing.
“We’ve seen a sustained rally and a pause is probably healthy for now,” said Angelo Kourkafas, an analyst at Edward Jones.
“Today we are concerned about semiconductors and chipmakers which are under pressure. This is somewhat exacerbating the rotation trend,” he added.
Data showed that U.S. industrial production cooled in June but still exceeded analysts’ expectations, with both manufacturing and utilities production rising.
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