S&P 500 and Nasdaq see early dip this week

Following the S&P 500’s third consecutive weekly increase, stocks struggled to retain their ground on Monday as worries about semiconductor sector demand hurt IT companies.

The S&P 500 decreased by 0.12% to 4,140.06. To 12,644.46, the Nasdaq Composite fell by 0.10%. The Dow managed to conclude at 32,832.54 with a gain of 29.07 points.

The second quarter’s weaker-than-expected revenue from Nvidia put pressure on semiconductor companies. Shares of the global chip leader dropped more than 6%, and rival firms AMD and Broadcom also saw pressure.

Following the Senate’s passage of the Inflation Reduction Act, certain shares of clean energy companies increased. Billions of dollars are included in the proposal to combat climate change. Later this week, the House is anticipated to approve the proposal. The Dow’s top stock, Disney, increased by more than 2%.

The S&P 500 and Nasdaq Composite also rose last week, and Monday’s movements come after some recession worries were allayed by a surprise positive monthly jobs report. The job market’s strength also suggested that the economy might survive additional Federal Reserve rate increases.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us