Tech Stocks Slump as United Airlines, Trump Media Soar

Nvidia fell 3.9%
By Newser Editors and Wire Services
Posted Apr 17, 2024 3:50 PM CDT
S&P 500 Is on Its Longest Losing Streak Since January
People pass the New York Stock Exchange, right, on Wednesday, April 17, 2024.   (AP Photo/Peter Morgan)

Sinking technology stocks sent Wall Street lower again on Wednesday and the S&P 500 fell to its fourth straight loss.

  • The S&P 500 dipped 29.20 points, or 0.6%, to 5,022.21 for its longest losing streak since early January.
  • The Dow Jones Industrial Average slipped 45.66 points, or 0.1%, to 37,753.31.
  • The Nasdaq composite sank 181.88, or 1.1%, to 15,683.37.
Tech stocks slumped after ASML, a Dutch company that's a major supplier to the semiconductor industry, reported weaker orders than analysts expected, the AP reports. Its stock trading in the United States slumped 7.1%.

Other tech companies, including Nvidia and Broadcom, were among the heaviest weights on the S&P 500. Nvidia fell 3.9% and Broadcom fell 3.5%. The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 17.5% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers. The losses also came despite easing pressure from the bond market, which has been dictating much of Wall Street's action lately. Sharp tumbles for oil prices lessened investors' worries about inflation, which in turn helped Treasury yields ease.

On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting stronger profit for the latest quarter than analysts expected. The marketing and communications company highlighted growth trends in most markets around the world, outside the Middle East and Africa. The stock of Donald Trump's social media company also continued to swing sharply, this time jumping 15.6%. It's following up on two straight losses of more than 14%. Experts say it's caught up in trading driven more by public sentiment around the former president than on the business prospects of the company.

(More stock market stories.)

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