US Stock Market Sees Mixed Results Amid Tech Sell-Off and Geopolitical Tensions
The US stock market saw mixed results on August 24, with the Dow Jones Industrial Average gaining 0.31% to 53,441.36, while the S&P 500 and Nasdaq Composite fell by 0.33% and 0.94%, respectively.
The sharp decline in the Nasdaq 100, which underlined pressure on growth and semiconductor shares, was particularly notable. Companies such as Micron Technology (-6.81%), Intel (-4.89%), Lam Research (-4%), and AMD (-3.78%) experienced significant losses.
Despite this, the Dow's defensive and consumer orientation allowed it to cope relatively well with the tech selloff. Walt Disney rose by 2.55%, Visa increased by 2.47%, and American Express grew by 1.95%.
The market was also influenced by geopolitical concerns, including tensions between the US and Iran, which led to a decline in oil prices. The WTI crude price fell 1.88% to $85.42, while Brent oil decreased 1.46% to $93.01.