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<US>Nasdaq Leads Decline w/ 153-Pt Loss at Close; Oil Prices Higher; Memory Stocks Slide
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Nasdaq led the decline on Monday as tech stocks plummeted owing to further spikes in oil prices, while the market neglected Federal Reserve Chairman Jerome Powell's comments on inflation stabilizing. The Nasdaq sank 153 points or 0.7% to close at 20,794. The S&P 500 finished down 25 points or 0.4% at 6,343. The DJIA edged up by 49 points or 0.1% to end at 45,216. Iran slapped transit fees on the Strait of Hormuz and banned US and Israeli vessels from passing through, causing New York oil futures to surpass USD100 for the first time since the conflict began. Major techs wiped off early gains and turned south, with memory stocks leading the downfall. Micron (MU.US) slid 10%. Sandisk (SNDK.US) and Western Digital (WDC.US) also dived 7% and nearly 9%, respectively. NVIDIA (NVDA.US) and Apple (AAPL.US) each fell about 1%. However, Meta (META.US) leaped 2% against the market. AASTOCKS Financial News Website: www.aastocks.com |
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