Stock Market Today: US markets closed lower on Wednesday (local time), with the Nasdaq Composite emerging as the biggest laggard among the benchmark indices as rising crude oil prices reignited inflation concerns.
The S&P 500 fell 0.14 per cent to close at 7,498.96, while the Nasdaq Composite declined 0.57 per cent to 25,690.90. The Dow Jones Industrial Average slipped 6.06 points, or 0.01 per cent, to end at 52,218.58.
Oil Prices Surge, Inflation Worries Return
Investor sentiment remained under pressure as crude oil prices climbed sharply, reviving fears that higher energy costs could fuel inflation.
Higher oil prices tend to stoke inflation, which can squeeze corporate profit margins, reduce consumer spending, and weigh on equity market valuations.
NVIDIA Leads Gains; IT Stocks Drag Markets Lower
Among the top gainers, NVIDIA rose more than 2 per cent to close at USD 212.03, supported by continued optimism around AI-related chip demand.
Other notable gainers included Boeing, Honeywell, and Johnson & Johnson.
On the other hand, technology stocks remained under pressure. Salesforce dropped more than 4 per cent, while IBM and Microsoft also ended lower, dragging the Nasdaq down.
Tesla Delivers Mixed Q2 Results
Tesla reported mixed second-quarter earnings. The electric vehicle maker posted total revenue of USD 28.24 billion, up 26 per cent year-on-year. The growth was driven by:
- Automotive revenue: USD 20.52 billion, up 23 per cent
- Services revenue: USD 4.58 billion, up 50 per cent
- Energy generation and storage revenue: USD 3.14 billion, up 13 per cent
Despite healthy revenue growth, investors remained cautious over the company’s broader outlook.
Alphabet Slips Despite Strong Cloud Performance
Shares of Alphabet, Google’s parent company, also declined after the company reported quarterly revenue of USD 119.8 billion.
The company’s revenue growth was largely driven by the strong performance of Google Cloud, whose revenue surged 82 per cent compared with the same period last year.
Asian Markets Trade Higher
Asian equities traded mostly higher on Thursday, led by strong gains in South Korea.
- South Korea’s KOSPI rose 2.9 per cent, or 187.79 points, to 6,985.49.
- Japan’s Nikkei 225 gained around 1 per cent to trade at 66,679.
- Meanwhile, Hong Kong’s Hang Seng Index was not trading at the time of writing. In the previous session, the index had settled nearly 1 per cent lower at 24,892.66.
Indian Markets Extend Losses for Third Straight Session
The NSE Nifty 50 declined 191.45 points, or 0.79 per cent, to close at 23,996.25.
GIFT Nifty Signals Another Weak Opening
Following the weak domestic close, GIFT Nifty indicated another subdued start for Indian equities. GIFT Nifty was trading 0.3 per cent lower at 23,890.50, suggesting a weak opening for the benchmark indices.
The negative indication comes despite a broadly positive trend across major Asian markets, reflecting cautious investor sentiment ahead of the opening bell.
GIFT Nifty is widely tracked as an early indicator of the likely opening trend for Indian equity markets.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
