U.S. stock markets faced downward pressure today, with the S&P 500 Index down 0.46%, the Dow Jones Industrial Average down 0.04%, and the Nasdaq 100 Index declining 1.28% as of midday trading. The Nasdaq fell to a one-week low, influenced by sharp losses in semiconductor stocks following a 6% drop in South Korea’s Kospi Index driven by declines in SK Hynix and Samsung Electronics.
In economic news, U.S. initial unemployment claims unexpectedly fell by 8,000 to 208,000, marking a ten-week low, while the July Philadelphia Fed business outlook survey rose to 41.4—surpassing expectations of 12.5. However, despite positive indicators, the 10-year T-note yield increased to 4.58%. Conversely, WTI crude oil prices rose by over 1% following U.S. airstrikes on Iranian targets, amid escalating tensions in the region.
On the corporate front, Abbott Laboratories spiked over 13% after raising its full-year adjusted EPS forecast, while UnitedHealth Group increased by more than 7% following better-than-expected Q2 earnings. In contrast, several chipmakers such as Sandisk and Broadcom reported losses exceeding 6%, contributing to the overall market decline.
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