[New York Stock Market] Semiconductor Sell-Off Continues... Nasdaq Down 1%

Both International Oil Prices Decline
SK hynix ADR Plunges 9%

On July 28 (local time), the three major U.S. indices showed a mixed performance as semiconductor sell-offs continued. The Nasdaq is currently down by more than 1%.

As of 10:05 a.m. at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average is up 380.35 points (0.73%) from the previous trading day, standing at 52,590.43. The large-cap S&P 500 index is down 11.27 points (0.15%) at 7,401.91, while the tech-heavy Nasdaq index has dropped 266.36 points (1.07%) to 24,671.72.

NY Stock Exchange. New York, USA - Photo by Yoonju Hwang

The semiconductor sector’s continued sell-off today dragged down the technology-focused Nasdaq index. According to CNBC, this movement reflects the uncertainty ahead of earnings announcements from Amazon, Meta, Microsoft, and others.

Among the top stocks by market capitalization, notable declines are seen in Nvidia (down 1.22%), Amazon (down 0.73%), TSMC (down 3.74%), Broadcom (down 2.12%), Meta (down 0.37%), Tesla (down 2.68%), and SK hynix ADR (down 9.21%). Meanwhile, only a few stocks are rising, including Microsoft (up 1.26%), Alphabet (up 0.09%), Eli Lilly (up 2.24%), and Walmart (up 2.94%).

The Federal Reserve’s policy rate decision is also in focus. Investors expect the central bank to keep rates unchanged, but are seeking more explicit signals about the future direction of monetary policy.

Patrick Gabby, Head of Research for the Americas at ING, stated in a Tuesday morning report, “We are opposed to rate changes, as we believe inflation expectations are stable. The yield curve structure is not one that signals the start of a hiking cycle, especially as five-year Treasury yields are at high levels on the curve.”

Gabby further noted, “It would be unusual for the Fed to start a rate hike cycle at the point where five-year Treasury yields are at their peak on the curve. If, contrary to our expectations, the Fed raises rates—whether at this meeting or the next—it is highly likely, given the yield curve structure, that the rate hike would be reversed later. Ultimately, this would mean the policy rate could be lower than current levels within 12 months.”

International oil prices continued to fall as Iran held talks with officials from Saudi Arabia and Oman on resuming maritime transport in the Strait of Hormuz.

On the New York Mercantile Exchange, September delivery West Texas Intermediate (WTI) crude is down 1.11% from the previous session at $81.69 per barrel. On the ICE Futures Exchange, September delivery Brent crude has fallen 1.24% to $87.31 per barrel.

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