NY Stock Exchanges End Diversely as CPI Looms; Tech Giants Dip
On Monday, New York’s stock exchanges saw mixed results, with investors on hold for the upcoming announcement of the US Consumer Price Index (CPI).
Semiconductor and social media firms notably lagged during the trading day.
The Dow Jones Industrial Average slightly rose by 0.12% to 38,769.66 points, dragged down mainly by Boeing’s 3.02% fall.
This was after news of a US criminal probe into a 737 MAX 9 incident reported by The Wall Street Journal.
The S&P 500 and Nasdaq Composite experienced declines, falling 0.11% to 5,117.94 points and 0.41% to 16,019.27 points, respectively.
Tech giants, including Nvidia and Broadcom in semiconductors, saw notable declines, continuing losses amid AI-driven surge correction. Nvidia dipped by 2.00% and Broadcom by 1.19%.
Meta Platforms dropped 4.42% after Trump’s criticism of a potential TikTok ban, previously boosting rival stocks.
Reddit also made headlines, aiming for a market valuation of up to $6.4 billion in its IPO, highlighting the ongoing vibrancy within the tech sector.
With the CPI data set for Tuesday’s release, the market’s attention is focused on its potential impact.
Analysts project a 3.1% year-on-year increase for February, consistent with the previous month.
Market awaits key data, notably CPI, amid FOMC blackout, emphasizing CPI’s impact on market expectations, ANZ highlights.
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