US Stocks Close Lower as Tech Sector Retreats
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4d ago
0mins
Should l Buy ?
Source: NASDAQ.COM
- Market Decline: The S&P 500 index fell by 0.84%, the Dow Jones by 0.34%, and the Nasdaq 100 by 1.55%, indicating a sharp sell-off after reaching record highs, which negatively impacted investor sentiment.
- Tech Sector Retreat: Data service and software stocks plummeted following the release of an automation tool by AI firm Anthropic, with Thomson Reuters and EPAM Systems down over 15% and 13% respectively, reflecting a loss of confidence in tech stocks.
- Precious Metals Rally: Gold prices surged over 6% and silver over 8%, leading to gains in mining stocks, with Hecla Mining and Freeport McMoRan rising more than 8% and 6% respectively, indicating increased demand for safe-haven assets.
- Economic Outlook Improvement: Richmond Fed President noted an improving US economic outlook despite ongoing risks, with markets focusing on upcoming economic data and the passage of a spending bill to gauge future economic trends.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
