Tuesday, November 5, 2024

Stock Market News Today, 6/25/24 – Futures Mixed After Monday’s Tech Sell-Off – TipRanks.com

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U.S. futures were mixed on Tuesday morning after a major sell-off in semiconductor and AI stocks, which pulled the S&P 500 (SPX) and Nasdaq Composite indices lower yesterday. Futures on the Nasdaq 100 (NDX) and the S&P 500 were down by about 0.02% and 0.05%, respectively, at 3:57 a.m. EST, June 25, while the Dow Jones Industrial Average (DJIA) was up 0.04%.

In yesterday’s trading session, the Dow Jones index gained 0.67%. On the other hand, the S&P 500 and the Nasdaq Composite indices declined by 0.31% and 1.09%, respectively. The downside was attributed to a decline in major technology names, including Nvidia (NVDA), Super Micro Computer (SMCI), Qualcomm (QCOM), and Broadcom (AVGO), which fell by 7%, 8.7%, 5.5%, and 4%, respectively.

In major after-market action, Pool Corp. (POOL) stock tanked about 11% after the company lowered its full-year earnings outlook. Further, SolarEdge Technologies (SEDG) was down 13% on plans to issue $300 million worth of convertible notes in a private offering.

In today’s economic reports calendar, investors are looking forward to the release of several data points, which include Consumer Confidence for June, the Richmond Fed Index, and the House Price Index. On the earnings front, FedEx (FDX), Carnival (CCL), and TD SYNNEX (SNX) will announce quarterly results today.

Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.24%. At the same time, WTI crude oil futures trended lower, hovering near $81.59 per barrel as of the last check.

Elsewhere, European stocks opened lower today as investors took a cautious stance following yesterday’s U.S. tech sell-off.

Asia Pacific Markets Traded Mixed on Tuesday

Asia-Pacific markets traded mixed today. China’s stock market closed lower due to a worldwide sell-off in semiconductor and AI companies, leading to declines in Chinese technology stocks. Meanwhile, Japan’s major indices inched higher as investors celebrated a slowdown in service producer inflation in May.

Hong Kong’s Hang Seng index was up by 0.05%. At the same time, Japan’s Nikkei and Topix indices traded higher by 0.95% and 1.72%, respectively. However, China’s Shenzhen Component and Shanghai Composite indices declined by 0.44% and 0.83%, respectively.

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