All three major U.S. stock indices closed lower on Friday, August 17, snapping a recent streak of gains. The Dow Jones Industrial Average slipped 0.51%, the S&P 500 dropped 0.52%, and the tech-heavy Nasdaq Composite fell 0.32%, reflecting a cautious tone across the market.
The so-called "Magnificent Seven" tech giants all finished in the red. Meta and Microsoft each tumbled more than 3%, while Tesla, Alphabet, Amazon, and Apple saw more modest losses, all declining less than 1%.
Semiconductor stocks provided a rare bright spot, with the Philadelphia Semiconductor Index climbing 1.64%. Applied Materials and Marvell Technology surged over 5.5%, while ASML advanced more than 2%. Memory chip makers were especially strong: SanDisk jumped 8.88%, Western Digital rose 5.35%, Micron Technology gained 4.13%, and SK Hynix added 3.04%.
Chinese stocks listed in the U.S. showed mixed performance, with the Nasdaq Golden Dragon China Index edging up 0.37%. XPeng led gainers with a 4.36% advance, while Alibaba rose 0.70% and Baidu added 0.43%. On the downside, JD.com slipped 1.93%.
Oil prices climbed on Friday as investors grew increasingly worried about supply disruptions. The 60-day negotiation window outlined in the U.S.-Iran memorandum of understanding expired on August 17, and with serious disagreements remaining over issues like the Strait of Hormuz, the outlook for talks remains uncertain. That uncertainty pushed crude futures higher, with West Texas Intermediate for September delivery settling at $84.50 per barrel, up 2.55%, while Brent crude for October delivery closed at $90.87 per barrel, a gain of 2.65%.
Precious metals also posted gains. Gold futures for December delivery on the COMEX settled at $4,473.70 per ounce, up 0.82%, while silver futures for September delivery rose 1.72% to close at $66.231 per ounce.
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