The S&P 500 Index is down 0.54%, the Dow Jones Industrial Average has declined 0.42%, and the Nasdaq 100 Index is down 1.38%, marking two-week lows for the S&P and Nasdaq. A significant drop in South Korea’s Kospi Index, which fell over 5% today mainly due to sell-offs in chipmakers like Samsung Electronics and SK Hynix, is contributing to this slump. Additionally, reports that OpenAI may delay its IPO until 2027 have further pressured the markets.
WTI crude oil prices have dropped more than 3% as crude exports from the Persian Gulf surge to 75% of pre-war levels, with 13 million barrels exported in three days. In the U.S., May wholesale inventories rose 0.3%, below the anticipated 0.4%, while retail inventories increased by 0.6%, surpassing expectations of 0.5%. The markets are also factoring in a 30% chance of a 25 basis point interest rate hike at the upcoming Federal Open Market Committee meeting on July 28-29.
Chipmakers are experiencing significant losses today, with Sandisk down over 8% and Western Digital down more than 7%. Conversely, software stocks like ServiceNow and Salesforce are showing gains, limiting further market declines. Quantum Corporation has plummeted over 21% following a downgrade by Northland Securities, while Acadia Pharmaceuticals is up more than 9% after receiving a favorable opinion from the European Medicines Agency.
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