Stocks Mixed As Dow Climbs, Nasdaq Faces Hit Related To Rotation Away From Chipmakers
Investors rotated out of technology as the Dow rose 328.64 points and SpaceX became the fifth-most valuable U.S. company, traders said.
- On Tuesday, The Dow Jones Industrial Average marked its second straight record close while The Nasdaq Composite declined as investors rotated out of richly valued Technology stocks.
- Falling oil prices offered support to equities after US-Iran futures settled down 5.8 per cent, with an interim deal expected to extend a ceasefire and reopen the Strait of Hormuz.
- Technology was the biggest laggard, down 2.3 per cent, while SpaceX rallied to finish up 4.8 per cent at US$201.80 after hitting a record high of US$225.64.
- Investors are widely expecting the Federal Reserve to hold interest rates at 3.50 per cent to 3.75 per cent range today, with Traders betting on a nearly 43 per cent chance of a December rate hike.
- In corporate moves, Yum Brands shares rose 1.9 per cent after announcing the US$2.7 billion sale of Pizza Hut, while Olin shares sank 5.9 per cent on acquisition plans for Huntsman valued at US$2.43 billion.
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24 Articles
The Dow Jones Industrial Average closed in a new historic record on Tuesday, driven by actions of cyclical sectors, while the Nasdaq Composite fell almost 2% by a strong rotation of investors outside of technological actions. The fall of oil below $80 a barrel after the peace agreement with Iran benefited the industrial and transport sectors, but it was not enough to sustain the tech sector.
Dow hits record; Nasdaq, S&P 500 slip
The Nasdaq Composite and the S&P 500 finished lower Tuesday under pressure from technology stocks, while the Dow Jones Industrial Average marked its second straight record close and SpaceX rallied to become the fifth-most valuable U.S.company.
Oil And Gas Prices Fall As Dow Hits Record High, Tech Stocks Retreat
Oil and gasoline prices continued to move lower Tuesday as investors reacted to easing tensions in the Middle East, helping push the Dow Jones Industrial Average to a new record while technology stocks weighed on the market. The developments come as markets closely monitor the Federal Reserve’s latest policy meeting and the implementation of a newly announced U.S.-Iran peace agreement. Wall Street finished the day mixed. The Dow Jones Industrial…
Market focus is now on the Federal Reserve's (Fed) monetary policy decision tomorrow.
US stocks finished mixed with nearly all major indices in the red amid tech weakness, although the Dow bucked the trend and extended on record levels - Newsquawk Daily Asia-Pac Market Open
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