The New York stock market closed mixed on June 9, with the NASDAQ and S&P 500 declining as renewed selling of artificial intelligence (AI) semiconductor stocks weighed on the indices, while the Dow Jones Industrial Average posted a slight gain.
The Dow Jones Industrial Average rose by 86.10 points (0.17%) to close at 50,872.11. The S&P 500 fell by 19.08 points (0.26%) to finish at 7,386.65, and the NASDAQ dropped 250.84 points (0.97%) to end at 25,678.82.
Initially, there was optimism for a rebound in tech stocks, but this momentum quickly faded. The decline in semiconductor and AI-related stocks contributed to a larger drop in the NASDAQ. The Philadelphia Semiconductor Index experienced significant fluctuations during the day, ultimately falling by 1.9%. The technology sector within the S&P 500 also decreased by 1.8%.
Among individual stocks, Broadcom fell by 1.1%, and NVIDIA declined by 0.2%. The downward pressure on Broadcom followed a disappointing earnings forecast that raised concerns about its valuation. Despite the drop, the semiconductor index has risen 78.7% so far this year.
Middle East tensions also dampened investor sentiment. President Donald Trump claimed on social media that Iran shot down a U.S. Apache helicopter patrolling near the Strait of Hormuz, prompting a response from the U.S. This statement led to increased volatility during the trading session, with the Chicago Board Options Exchange's Volatility Index (VIX) reaching its highest level since April 7.
However, not all stocks fell; more stocks advanced than declined on the New York Stock Exchange. The Russell 2000 index rose by 0.4%, suggesting that some funds from tech stocks may have shifted into value and defensive stocks.
Investors are closely watching the U.S. Consumer Price Index (CPI) for May, set to be released on June 10. The impact of rising energy prices due to the Middle East conflict on inflation is seen as a key factor that could influence the Federal Reserve's interest rate decisions. Last week's stronger-than-expected employment data has also heightened concerns about the possibility of interest rate hikes later this year.
Additionally, the upcoming IPO of SpaceX has garnered market attention. The company is reportedly aiming to raise $75 billion and achieve a valuation of $1.75 trillion ahead of its public listing this week. The debut of such a large growth stock could reignite discussions about overheating in the tech sector, adding to short-term volatility.
* This article has been translated by AI.
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