S&P 500 Edges Up; Philadelphia Semiconductor Index Down 2.23%; Nvidia Falls Nearly 5%; Apple Gains 1.17% to
U. S. stocks closed mixed on July 27, with the S&P 500 edging up 0.02% to 7,413.18, the Nasdaq Composite falling 0.18% to 24,932.08, and the Dow Jones Industrial Average rising 0.51% to 52,210.08. The Philadelphia Semiconductor Index dropped 2.23%, led by a 4.99% decline in Nvidia amid concerns over its 'cyclical financing' and a $250 billion guarantee for OpenAI. Apple rose 1.17% to a market value of $4.95 trillion, surpassing Nvidia ($4.76 trillion) as the world's most valuable company. The index of Chinese stocks listed in the U. gained 2.51%.
U. S. stocks closed on July 27. The S&P 500 rose 0.02% to 7,413.18, the Nasdaq Composite fell 0.18% to 24,932.08, and the Dow Jones Industrial Average gained 0.51% to 52,210.08. The Philadelphia Semiconductor Index, which fell nearly 5% at one point, closed down 2.23%. ASML, the lithography leader, fell 5.8%, while Applied Materials, KLA Corporation, and Lam Research each declined more than 3%. These stocks had fallen at least 7% in early trading before paring losses.
Nvidia fell 4.99% amid selling triggered by concerns over 'cyclical financing' and its plan to provide a $250 billion guarantee for OpenAI. SanDisk dropped 11.02%, SK Hynix lost 7.47%, AMD declined 5.17%, and Micron Technology, which fell more than 7% at one point, narrowed its loss to 2% by the close. Apple hit a record high, rising 1.17% to a market capitalization of $4.95 trillion, surpassing Nvidia ($4.76 trillion) to reclaim the title of the world's most valuable company. Microsoft added 1.94%, Google gained 2.13%, Amazon fell 0.31%, TSMC dropped 1.07%, Broadcom rose 0.34%, Meta declined 0.22%, SpaceX fell 1.36%, Tesla lost 1.22%, Eli Lilly rose 0.13%, and Berkshire Hathaway edged up 0.1%. SK Hynix's American depositary receipts closed at $143.02, falling below the IPO price of $149 for the first time since its U. listing.
The earnings season for tech giants will reach a climax this week, with Seagate Technology, Microsoft, Meta, Qualcomm, Apple, Amazon, as well as Samsung Electronics, SK Hynix, and Kioxia set to report results in the coming days. Federal Reserve Chairman Warsh will preside over his second rate-setting meeting. In the Middle East, U. President Trump said the United States and Iran are engaged in diplomatic negotiations to end the conflict, sending Brent crude down to around $85 per barrel. On July 27, the CME Group launched cash-settled single-stock futures on 55 U. stocks and micro contracts on 22 stocks, allowing investors to trade 23 hours a day. Amazon plans to launch a constellation of more than 5,000 satellites to provide mobile phone communication services to global consumers and has submitted an application to the U. Federal Communications Commission. Nvidia announced the formation of the Open Secure AI Alliance, partnering with Adobe, Dell Technologies, CrowdStrike, Hugging Face, and others to develop AI security tools.
Microsoft released its first cybersecurity model, MAI-Cyber-1-Flash, and the 'Perception Project' agent security system.
Chinese stocks listed in the U. rallied against the trend, with the Nasdaq Golden Dragon China Index closing up 2.51%. Alibaba rose 2.55%, Pinduoduo gained 2.65%, NetEase jumped 3.53%, JD. com added 2.52%, Baidu edged down 0.05%, Trip. com Group rose 2.59%, Li Auto advanced 4.13%, Futu Holdings climbed 4.94%, Bilibili gained 4.02%, NIO rose 2.9%, and EHang Holdings surged 7.14%.