[New York Stock Market] All Major Indices Close Lower on Tech Stock Valuation Concerns

Tech Stocks Weaken on News of OpenAI IPO Delay
Funds Flow Into Small- and Mid-Cap and Overlooked Sectors
International Oil Prices Plunge as Supply Concerns Ease

On the 26th (local time), all three major U.S. stock indices in New York closed lower. This was due to concerns over high valuations of technology stocks and continued profit-taking.

Inside the New York Stock Exchange. New York, USA – Special Correspondent Yoonju Hwang

On the New York Stock Exchange, the blue-chip Dow Jones Industrial Average ended the session at 51,876.11, down 44.51 points (0.09%) from the previous trading day. The large-cap S&P 500 index declined by 3.47 points (0.05%) to 7,354.02, while the technology-heavy Nasdaq Composite fell by 60.99 points (0.24%) to close at 25,297.62.

The Nasdaq Composite recorded its fifth consecutive session of declines. Although some bargain hunting emerged early in the session, selling pressure on large technology stocks erased those gains. Just before the market closed, the Dow and S&P 500 also turned negative.

In particular, major semiconductor and artificial intelligence (AI) stocks that have recently led the market came under selling pressure. Investor sentiment toward technology stocks was dampened by reports that OpenAI, the developer of ChatGPT, is considering postponing its initial public offering (IPO) until next year.

Rapid sector rotation among Wall Street investors was also observed. As positive signs for economic recovery appeared, funds moved into small- and mid-cap stocks and previously neglected sectors. The S&P 500 equal-weighted index, which reduces the influence of large-cap stocks, hit an all-time high on this day. This indicates that the broader market is no longer relying solely on large technology stocks.

International oil prices plunged as concerns over supply shortages eased due to increased traffic through the Strait of Hormuz and the resumption of shipments from Saudi Arabia. Brent crude for August delivery settled at $71.99 per barrel, down 4.34% from the previous session. West Texas Intermediate (WTI) crude futures closed at $69.23 per barrel, down 3.74% from the previous session.

This content was produced with the assistance of AI translation services.