S&P 500, Nasdaq end lower as crude prices jump and chip stocks weigh
SPY•The S&P 500 fell 0.46% and the Nasdaq dropped 1.24% as crude prices surged on supply concerns and semiconductor stocks slumped. The Dow rose 0.09%.
1. Indexes close mixed
U.S. stocks dipped on Thursday as crude prices surged on Middle East tensions and reduced U.S. output, while semiconductor stocks slumped. The Nasdaq posted the steepest decline among major indexes, two days after reaching a record closing high.
2. Oil and rate concerns
WTI crude settled up 3.6% and Brent rose 4.1%. Benchmark Treasury yields edged higher, while two-year yields moved up more decisively. Markets expected the Federal Reserve to leave rates unchanged this month, while the probability of a December hike was nearly 70%.
3. Company moves
Chipmakers fell after a Financial Times report said OpenAI's annualized revenue was $20 billion below what the company had previously signaled. Starbucks dipped following reports it was exploring a purchase of Chipotle, whose shares rose. Palantir gained after Goldman Sachs upgraded its rating to “buy” from “neutral.”
