Wall Street Mixed, Nasdaq Pressured by Tech Stocks
The US stock market closed mixed on Friday (July 24th). The S&P 500 rose slightly, the Nasdaq 100 fell 1.1%, while the Dow Jones Industrial Average rose 236 points.
Market movements were influenced by corporate earnings reports and the Federal Reserve's interest rate outlook. Investors also continued to monitor the conflict between the United States and Iran, which has disrupted energy shipping routes.
Oil prices began to decline but still recorded sharp gains throughout the week. Disruptions to tanker traffic in the Persian Gulf and Red Sea kept concerns about energy supplies high.
US bond yields also rose as the market increased the likelihood of a Fed rate hike next week. Rising energy prices are feared to maintain inflationary pressures.
Intel shares fell 7.9% despite posting their strongest revenue growth in 17 years. Concerns about artificial intelligence spending also weighed on Tesla (2.1%) and MetaTrader (1.8%).
American Express shares fell 4.3% after the release of its earnings report, while Verizon jumped 5.8% thanks to better-than-expected subscriber growth. As long as inflation risks and pressure on technology stocks persist, Wall Street's movements could remain volatile.
Source: Newsmaker.id
