Stock Market Today: Dow ends down 320 points, Nasdaq tumbles 1% as chip stocks fall - MarketWatch

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Last Updated:

Oct. 15, 2024 at 4:33 PM EDT

Here are the top stories to read during Tuesday's trading:

What’s ‘surprising’ about interest rates in the stock market’s two-year bull run

ASML’s stock tumbles after microchip equipment maker warns of slower recovery

UnitedHealth’s stock rocked as a big jump in medication costs hurt profitability

The bond market may be at risk from inflationary forces beyond the Fed’s control

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1 hour ago

By

Isabel Wang

U.S. stocks finished lower on Tuesday, with the tech-heavy Nasdaq Composite leading declines as semiconductor shares tumbled on concerns of continued pressures in the broader chip market.

The Nasdaq Composite slumped 187.10 points, or over 1%, ending at 18,315.59, according to FactSet data. It was the largest one-day point and percentage decline since Oct. 7, according to Dow Jones Market Data.

The S&P 500 lost 44.59 points, or 0.8%, to finish at 5,815.26. The large-cap benchmark index also snapped a two-day winning streak.

The Dow Jones Industrial Average was off 324.80 points, or nearly 0.8%, ending at 42,740.42.

U.S. semiconductor stocks fell on Tuesday after the Dutch microchip-equipment maker ASML Holding N.V. said it expects a “more gradual” recovery in the chip sector than previously anticipated. Shares of Nvidia Corp. and Advanced Micro Devices Inc. were down 4.7% and 5.2%, respectively.

The Dow, on the other hand, was dragged down by a 8.1% slump in shares of UnitedHealth Group Inc. The healthcare giant beat third-quarter profit and revenue expectations but missed on the medical-care profitability and lowered its full-year outlook.

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ASML Holding N.V.

ASML (U.S.: Nasdaq)

UnitedHealth Group Inc.

UNH (U.S.: NYSE)

NVIDIA Corp.

NVDA (U.S.: Nasdaq)

Advanced Micro Devices Inc.

AMD (U.S.: Nasdaq)

1 hour ago

By

Myra P. Saefong

A significant drop in oil prices may offer consumers reason to celebrate, but it may also "indicate weakening demand," said Tom Schneider, an analyst at NinjaTrader.

Against that backdrop, he expects to see even lower oil prices this year and said they could potentially set new 2024 lows.

On Tuesday, West Texas Intermediate crude for November delivery dropped $3.25, or 4.4%, to settle at $70.58 a barrel on the New York Mercantile Exchange. December Brent crude, the global benchmark, declined $3.21, or 4.1%, to $74.25 a barrel on ICE Futures Europe. Prices for Brent as well as WTI settled at their lowest since Oct. 2, according to Dow Jones Market Data.

Worries about supply disruptions in the Middle East appeared to ease Tuesday, contributing to oil's price decline. Traders cited a report from the Washington Post that said Israel does not plan to strike Iranian oil or nuclear facilities in retaliation for Iran's missile strike two weeks ago.

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1 hour ago

By

Victor Reklaitis

Republican presidential nominee Donald Trump on Tuesday offered a fresh defense of his view that he should get to influence the decisions of the Federal Reserve if elected, as he responded to questions during an appearance in Chicago.

“I think I have the right to say, ‘I think you should go up or down a little bit,’” Trump said at an event hosted by the Economic Club of Chicago.

“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether or not interest rates should go up or down,” the former president added.

Trump previously has said he wants a greater say in the Fed’s decision making if voters return him to the White House. He made that argument in August, saying the U.S. central bank has “gotten it wrong a lot.” In addition, a report in April said his allies have proposals to erode the Fed’s independence.

Republican presidential nominee Donald Trump on Tuesday offered a fresh defense of his view that he should get to influence the Federal Reserve if elected, as he responded to questions during an appearance in Chicago.

1 hour ago

By

Christine Idzelis

The S&P 500’s information-technology sector was dropping sharply heading toward the closing bell on Tuesday, dragging down the U.S. equities benchmark.

Technology was slumping 2%, according to FactSet data, at last check. Tech is the biggest sector in the S&P 500 index, which was falling 0.8% in late-afternoon trading Tuesday.

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2 hours ago

By

Isabel Wang

U.S. stocks were extending their previous losses in the final hour of trading on Tuesday. The Dow Jones Industrial Average was falling over 300 points, or 0.8%, to trade near its session low of 42,725.40.

The S&P 500 was losing 0.8%, weighed down by stocks in the energy, healthcare and information-technology sectors.

The Nasdaq Composite was tumbling 1.2% to trade at around 18,280, according to FactSet data.

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2 hours ago

By

William Watts

Trading in shares of Trump Media & Technology Group were briefly halted Tuesday afternoon after a large price drop.

The halt took effect at 2:42 p.m. ET and was lifted at 2:47 p.m. for a volatility trading pause, according to a Nasdaq alert. Shares of Trump Media were down more than 5% in afternoon activity. Shares of the company have made a major comeback as the Nov. 5 presidential election nears, up 77% so far in October.

Trump Media & Technology Group Corp.

DJT (U.S.: Nasdaq)

2 hours ago

By

Isabel Wang

U.S. small-cap stocks were having a moment on Tuesday.

The Russell 2000 index was rising 0.8% in afternoon trading, outperforming the 0.6% decline in the large-cap S&P 500 index and the 0.9% slump in the tech-heavy Nasdaq Composite.

The small-cap index was getting a lot of help from regional banks on Tuesday, with the SPDR S&P Regional Banking ETF up 1.4%, while the iShares U.S. Regional Banks ETF was surging 1.2%, according to FactSet data.

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2 hours ago

By

Tomi Kilgore

The Financials Select Sector SPDR was rising 0.6% in recent trading, with 60 of 72 equity components trading higher.

The Financial ETF (XLF) was on track for its third straight record close, and fourth record in five sessions.

The gains are led by the 7.2% surge in Charles Schwab's stock, after the discount broker beat earnings expectations. Among other earnings reporters, Bank of America's stock rose 1.3% and Goldman's shares tacked on 0.3%.

Meanwhile, shares of Citigroup, which also reported results, led the ETF's decliners by falling 4.5%.

Since the Federal Reserve started its rate-cutting cycle on Sept. 18, the XLF has gained 3.9% while the S&P 500 has tacked on 3.4%.

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3 hours ago

By

Greg Robb

San Francisco Fed President Mary Daly on Tuesday said she is open to skipping an interest-rate cut at one of the Federal Reserve’s two remaining policy meetings this year.

In a speech at New York University, Daly said that “one or two cuts was a reasonable thing” if the U.S. economy continues on its recent trends.

Daly stressed that the Fed’s pace of rate cuts could be altered by the data, but that the path of cuts was set.

“It’s clear that the direction of change is down,” Daly said, in an answer to a question from the audience.

Read the full story below:

San Francisco Fed President Mary Daly on Tuesday said she is open to skipping an interest-rate cut at one of the Federal Reserve’s two remaining policy meetings this year.

3 hours ago

By

Emily Bary

After a disappointing year for Walgreens Inc. shares, they're getting some relief on Tuesday in light of a better-than-feared earnings report and new initiatives meant to give a jolt to the company's financials.

Walgreens' stock is up 12.8% in afternoon trading Tuesday and on track for its best single-day percentage gain since Oct. 28, 2008. The stock is leading S&P 500 gainers for the session.

The company plans to close 1,200 stores in the next three years, with about 500 of those closures expected to take place in the new fiscal year that just began. "By accelerating the scope of our footprint-optimization program and focusing on stores with weakest cash generation, we expect to reduce our working-capital needs and improve our cash flows over the next 12 months," Chief Financial Officer Manmohan Mahajan said on the earnings call.

Walgreens shares are still down 61% on the year despite Tuesday's momentum.

(Mario Tama/Getty Images)

Walgreens Boots Alliance Inc.

WBA (U.S.: Nasdaq)

S&P 500

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