From The Economic Times · Reuters · · 1m 20s
US Stocks Dip as Crude Prices Surge
US stocks fall as crude prices jump and chip stocks weigh.
In brief
US stocks fall as crude prices jump and chip stocks weigh. US stocks dropped on Thursday due to rising crude prices from Middle East tensions and semiconductor stocks underperforming after OpenAI's revenue report. Originally reported by The Economic Times.
US Stocks Dip
US stocks dipped on Thursday as crude prices surged on a spike in Middle East tensions and a cut in US output that fed inflation and rate-hike fears.
S&P 500 and Nasdaq Drop
The S&P 500 lost 36.07 points, or 0.46%, to end at 7,765.70 points, while the Nasdaq Composite lost 341.59 points, or 1.24%, to 27,197.10.
Dow Jones Rises Slightly
The Dow Jones Industrial Average rose 45.68 points, or 0.09%, to 51,225.48.
Chip Stocks Underperform
Chipmakers, which have soared over 80% so far this year, were clear underperformers on the day following a report from the Financial Times that said OpenAI's annualized revenues were $20 billion less than the company previously signaled.
Oil Prices Jump
Oil prices jumped on supply concerns after a spate of attacks on shipping in the Strait of Hormuz, combined with a cut in US output due to hurricane activity.
Market Reaction
The market's going sideways in anticipation of third-quarter earnings season, which begins next week, and there's the ongoing conflict in Iran that's pushing oil prices higher.
What matters most
US stocks dropped on Thursday due to rising crude prices from Middle East tensions and semiconductor stocks underperforming after OpenAI's revenue report.
