US Stocks Dip Amid Middle East Tensions, Semiconductors Shine
The US stock market experienced a downturn on September 8 due to escalating tensions in the Middle East. The Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite all declined: the Dow fell 1.18%, the S&P 500 dropped 0.58%, and the Nasdaq Composite declined 0.32%. These losses were fueled by US strikes on Iranian oil tankers and Houthi attacks on Saudi Arabia, which pushed oil prices up 1.69% and boosted expectations of inflation-driven rate hikes.
However, the semiconductor sector bucked this trend, with the Philadelphia Semiconductor Index rising 1.3%. Intel led the gains, surging 9.05%, while Tesla also performed well, closing at $368.16 (+3.98%). NVIDIA saw a slight correction but remained above its moving averages.
Apple, on the other hand, experienced a cautious consolidation ahead of its September 10 product launch. The company's stock closed at $316.22 (-1.17%), with support lying at $313 (MA20/Bollinger Band middle track) and resistance at $323 (MA5).