Wall Street Drops as Tech Stocks Decline on October 16
- Wall Street faced a significant decline on October 15, 2024, with Nvidia's stock dropping 4.5% and ASML's results impacting chip stocks.
- European markets also closed down, with the Stoxx 600 index falling 0.80% due to declining oil prices and mixed sector performance.
- The overall market trends indicate a challenging environment for technology stocks, leading to a broader market retreat.
On October 15, 2024, Wall Street experienced a significant retreat from its record highs, primarily driven by a sharp decline in technology stocks, particularly Nvidia, which fell by 4.5%. This downturn was exacerbated by disappointing quarterly results from ASML, a Dutch supplier, leading to a 16.3% drop in U.S.-listed shares. The S&P 500 closed down 0.76%, while the Dow Jones and Nasdaq also saw declines of 0.75% and 1.01%, respectively. In Europe, markets mirrored the negative sentiment, with the Stoxx 600 index closing down 0.80%. Oil prices also contributed to the decline, as oil and gas stocks fell by 3.24%. Despite some sectors like media gaining 1.46%, the overall performance was predominantly negative. Meanwhile, in China, the CSI 300 index dropped 2.66% due to weak export numbers, which grew only 2.4% year-over-year in September, falling short of the expected 6%. This lack of substantial stimulus measures further dampened investor sentiment. Conversely, Japan's Nikkei 225 index rose by 0.77%, buoyed by gains in technology and financial stocks, particularly those related to Nvidia. The weak yen also provided support to Japanese exporters, highlighting a divergence in market performance across regions amid global economic uncertainties.