Stocks mixed as oil jumps and chip shares drag Nasdaq lower
Wall Street closed mixed Thursday: the S&P 500 and Nasdaq fell while the Dow edged higher as oil surged on Hormuz shipping attacks and U.S. Gulf output cuts. Chip and AI-linked stocks led the losses. This is market news, not investment advice.
The numbers: The S&P 500 fell 36.41 points, or 0.47%, to 7,765.36. The Dow Jones Industrial Average rose 51.77 points, or 0.10%, to 51,231.64. The Nasdaq Composite dropped 345.35 points, or 1.25%, to 27,193.34, according to AP reporting via the Arkansas Democrat-Gazette and Reuters via The Straits Times.
Oil: Brent crude climbed 4.1% to $104.28 a barrel. West Texas Intermediate rose about 3.6% and settled near $91.49, NBC News reported. Prices were pressured higher by Hormuz shipping attacks and U.S. Gulf output cuts tied to Hurricane Isaias evacuations, The Straits Times and NBC said. Trump’s comment ruling out an Iran strike before the midterms briefly pushed Brent toward $103 before it turned higher again, AP reported.
Chips and AI: Nvidia fell 2.9%, Broadcom about 4.3% to 4.4%, Micron 4.8%, and U.S.-listed shares of TSMC about 3%, The Straits Times and AP reported. The Financial Times said OpenAI’s annualized revenue was about $20 billion, below a prior signal; the Wall Street Journal reported Broadcom was lining up about $50 billion in financing for OpenAI.
Sectors and yields: PepsiCo rose 3.7% on a strong quarter. Energy led sector gains and technology led losses, AP and The Straits Times reported. The 10-year Treasury yield swung from 5.28% to 5.35% before settling near 5.23%; a strong 30-year auction helped, AP said.