- Wall Street experienced another downturn as technology stocks continue to sink, leading to the S&P 500’s fourth consecutive loss.
- The Dow Jones Industrial Average also saw a slight decrease, while the Nasdaq composite fell by 1.1%.
- This slump in tech stocks was triggered by ASML, a key supplier to the semiconductor industry, reporting weaker orders than anticipated.
Wall Street suffers another blow as technology stocks continue to plummet, leading to the S&P 500’s longest losing streak since early January.
Wall Street’s Continued Downturn
Wall Street continues to experience a downturn as technology stocks sink, leading to the S&P 500’s fourth consecutive loss. The index dipped 0.6% on Wednesday, marking its longest losing streak since early January. The Dow Jones Industrial Average also saw a slight decrease, edging down by 0.1%, while the Nasdaq composite fell by 1.1%.
ASML’s Weaker Orders Trigger Tech Stock Slump
The slump in tech stocks was triggered by ASML, a Dutch company that is a major supplier to the semiconductor industry, reporting weaker orders than analysts had expected. This overshadowed stronger quarterly profit reports from United Airlines and other major companies. Treasury yields fell following a sharp tumble in oil prices.
Stock Indexes Overview
On Wednesday, the S&P 500 fell 29.20 points, or 0.6%, to 5,022.21. The Dow Jones Industrial Average fell 45.66 points, or 0.1%, to 37,753.31. The Nasdaq composite fell 181.88 points, or 1.1%, to 15,683.37. The Russell 2000 index of smaller companies fell 19.53 points, or 1%, to 1,947.95.
Conclusion
As Wall Street continues to experience a downturn, the S&P 500 is facing its longest losing streak since early January. The slump in tech stocks, triggered by ASML’s weaker than expected orders, is a significant contributing factor. Investors and market watchers will be keeping a close eye on developments in the coming days.
