The S&P 500 and the Dow closed higher amid falling oil prices
Two of the three major U.S. stock market indices closed higher on July 27 / Photo: X / NYCE
Two of the three major U.S. stock market indices closed higher on July 27. Investor sentiment was influenced by the decline in oil prices following the de-escalation of tensions in the Middle East.
— The Dow Jones Industrial Average, a "blue-chip" index, rose 0.51% at the close of trading.— The S&P 500, a broad-market index, closed up 0.02%.
— The Nasdaq Composite technology sector index fell 0.18%.
— Brent crude oil futures fell 9.3% to $87.8 per barrel, while WTI crude oil futures fell 8.2% to $82 per barrel.
Shares of chipmakers came under pressure on Monday following the successful IPO of Chinese chipmaker ChangXin Memory Technologies (CXMT) on the Shanghai Stock Exchange. The company manufactures RAM and high-speed memory for AI chips. SK Hynix’s American Depositary Receipts (ADRs) plummeted 7.5%, SanDisk shares fell 12%, Western Digital shares dropped 4.2%, and Micron Technology shares declined 2.3%. The Roundhill Memory ETF, which tracks memory manufacturers, lost 1.5%. Chipmakers’ stocks also came under pressure: the Philadelphia Semiconductor Index, which tracks 30 semiconductor companies, fell 2.2%.
Apple has regained its status as the world’s largest company by market capitalization. Its stock rose 1.2% on Monday and closed at a new all-time high of $336.91. The company’s market capitalization reached $4.93 trillion. Nvidia’s market capitalization fell to $4.78 trillion after its shares dropped 4.9% on July 27.
SpaceX shares fell to a new intraday low of $108.66 during Monday's trading session, marking a 50% drop from their high. However, by the end of the day, the stock had recouped some of its losses and closed at $113.5.
This article was AI-translated and verified by a human editor
