S&P 500 and Nasdaq end lower as crude prices jump and chip stocks weigh
SPY•The S&P 500 fell 0.47% and the Nasdaq dropped 1.25% on Thursday, while the Dow rose 0.10%. Crude prices jumped on supply concerns, and chip stocks fell 3.4%.
1. Indexes close mixed
U.S. stocks dipped on Thursday as crude prices surged and semiconductor stocks slumped. The Dow rose 51.77 points, or 0.10%, to 51,231.64; the S&P 500 lost 0.47% to 7,765.36; and the Nasdaq fell 1.25% to 27,193.34.
2. Oil and chip stocks
Attacks on shipping in the Strait of Hormuz and a hurricane-related cut in U.S. output raised supply concerns. WTI crude settled up 3.6% and Brent rose 4.1%. Chipmakers fell 3.4% after a Financial Times report said OpenAI's annualized revenue was $20 billion below what the company had previously signaled; Micron dropped 4.8%.
3. Other company moves
Energy stocks led S&P 500 sector gainers, while technology had the steepest loss. PepsiCo rose 3.7% after announcing additional spending cuts and lowering its annual core profit forecast. Palantir gained 2.4% after Goldman Sachs upgraded its rating to buy from neutral.
