2024-07-22 14:01:09
The Mexican stock exchange (BMV) lost 1.15% on Wednesdayequivalent to 623.22 points, so its main indicator, the Price and Quotation Index (IPC), closed at 53,744.78 points.
During the day, 238 million shares were traded on the IPC, which is made up of the shares of the 35 largest companies on the stock market.
In the United States, the New York Stock Exchange closed with mixed results, with the Nasdaq technology sector being the main drag due to the semiconductor manufacturing sector, while the main index Dow Jones reached a new record.
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According to traders, the Dow Jones industrial index continued to benefit from the inflow of funds into shares in other underperforming business sectors, ending with a 0.59% gain to 41,198.08 points. This is its third consecutive record.
For its part, the Nasdaq recorded its biggest loss in a single day since 2022, falling 2.77% to 17,996.92 units, and the broader S&P 500 index – the main reference for shareholders – fell 1.39% to close at 5,588.27 points.
Analysts described the day’s development as an inevitable cooling off for the biggest names in the tech sector, including Meta – the parent group of social media giants Facebook and Instagram – and semiconductor giant Nvidia, after they reported outsized profits in 2024.
Semiconductor companies, which had been helping lead the market this year, also came under pressure from reports that U.S. President Joe Biden’s administration is considering new export controls to limit imports of Chinese chips.
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In addition, comments by Republican candidate Donald Trump that Taiwan “should pay” the United States for its defense assistance in the face of threats from Beijing have raised questions.
“We’ve seen a relentless rally and a pause might be healthy at this point,” said Angelo Kourkafas, an analyst at Edward Jones.
“We had some concerns today around semiconductor and chip manufacturers that have been under pressure. And that has sort of added to the rotation trend,” he added.
Data show U.S. industrial output cooled in June but still beat analysts’ expectations, with both manufacturing and utilities output rising.
EAM
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2024-07-22 14:01:09