The stock market took another hit on April 17, with sinking technology stocks leading to losses for major US stock indexes. The S&P 500 experienced its fourth consecutive decline, dipping by 0.6 percent, marking its longest losing streak since early January. The Dow Jones Industrial Average also edged down by 0.1 percent, while the Nasdaq composite fell 1.1 percent.
The decline in tech stocks was fueled by disappointing news from ASML, a Dutch company that serves as a key supplier to the semiconductor industry. ASML reported weaker orders than analysts had anticipated, causing a slump in tech stocks. This overshadowed positive quarterly profit reports from United Airlines and other major companies.
In addition to the struggles in the tech sector, the sharp drop in oil prices also impacted the market. As a result, Treasury yields also fell.
On April 17, the S&P 500 fell by 29.20 points, or 0.6 percent, closing at 5,022.21. The Dow Jones Industrial Average experienced a decline of 45.66 points, or 0.1 percent, ending the day at 37,753.31. The Nasdaq composite suffered the most significant loss, falling by 181.88 points, or 1.1 percent, to reach 15,683.37. The Russell 2000 index of smaller companies also dropped by 19.53 points, or 1 percent, closing at 1,947.95.
Looking at the performance for the week, the S&P 500 is down by 101.20 points, or 2 percent. The Dow Jones Industrial Average has experienced a decline of 229.93 points, or 0.6 percent. The Nasdaq composite has seen a significant loss of 491.72 points, or 3 percent. Meanwhile, the Russell 2000 is down by 55.23 points, or 2.8 percent.
However, it is essential to consider the overall performance for the year. Despite recent setbacks, the S&P 500 is still up by 252.38 points, or 5.3 percent. The Dow Jones Industrial Average has gained 63.77 points, or 0.2 percent. The Nasdaq composite has seen a significant increase of 672.02 points, or 4.5 percent. On the other hand, the Russell 2000 has experienced a decline of 79.13 points, or 3.9 percent.
It is worth noting that the information provided is for general informational purposes only and should not be considered as investment advice. The views expressed in this article are those of the authors and do not reflect the opinions of The Epoch Times. The accuracy and timeliness of the information are not guaranteed, and The Epoch Times holds no liability for any actions taken based on the information provided.
Overall, the stock market faced a challenging day on April 17, with sinking technology stocks leading to losses for major US stock indexes. However, it is crucial to consider the broader market performance and not make investment decisions based solely on short-term fluctuations.
