Dow Rises on Oil Retreat, Sandisk Plunges Amid Memory Stock Weakness
The Dow Jones Industrial Average rose by 0.51% to 52,210 as lower oil prices helped blue-chip stocks recover from recent losses. The S&P 500 edged up slightly at 7,413 after a four-day losing streak, while the Nasdaq Composite fell due to weakness in semiconductor and memory stocks. Oil prices dropped over 8% amid de-escalating tensions in the Middle East, easing inflation concerns. Memory stocks such as Sandisk (NASDAQ: SNDK) plummeted by more than 11%, with Micron Technology also underperforming following a large IPO from a Chinese competitor based in Shanghai. The decline was exacerbated by news that a Chinese firm may begin mass-producing key chipmaking equipment, which pressured AI and memory sectors. Bank of America analysts warned investors to be cautious during the typically weak August-to-October period for stocks, citing high energy costs, rising bond yields, and uncertainty around artificial intelligence developments.
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Topics: Dow Jones Industrial Average Nasdaq Composite oil prices S&P 500 semiconductors