As of today, the S&P 500 Index ($SPX) has declined by 1.06%, while the Dow Jones Industrial Average ($DOWI) is down 0.12%, and the Nasdaq 100 Index ($IUXX) has fallen by 2.23%. The global market has been affected by a selloff in chipmakers, leading to the S&P 500 hitting a one-week low, the Dow hitting a 2.5-week low, and the Nasdaq reaching a five-week low. In Asia, China’s Shanghai Composite fell by 3% and Japan’s Nikkei fell by 4%, largely due to concerns about inflated valuations in the AI sector.
In economic news, U.S. housing starts rose 19.0% month-over-month in June to 1.427 million, surpassing expectations of 1.310 million, while building permits fell 3.0% to 1.367 million, below the expected 1.403 million. The U.S. June manufacturing production showed no change month-over-month, missing expectations for a 0.1% increase. Geopolitical tensions are escalating as the U.S. engages in airstrikes against Iran, impacting oil prices, which have surged over 2% today.
The corporate insider selling has reached $77.6 billion in the first half of the year, the second-highest in over 20 years, weighing on market sentiment. Notably, Nvidia (NVDA) has dropped over 4% leading losses in the Dow, while Netflix (NFLX) sees a sharp decline of over 10% after issuing weaker full-year revenue guidance.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
