2024-04-19 19:09:39
The NYSE ended lower on Monday, taking advantage of the geopolitical tensions in the Middle East to consolidate gains after a bullish perioda movement that particularly hit technology companies.
The Dow Jones industrial average lost 0.65%, the Nasdaq technology index fell 1.79% and the expanded S&P 500 index fell 1.20%.
“The obvious excuse” for the fall of the day “is the geopolitical factor”summarized Patrick O’Hare, from the specialized site Briefing.com.
Israel’s Army Chief of Staff Herzi Halevi vowed Monday that Israel will “respond” to the weekend’s Iranian attack.
This statement from the Israeli Army, which continues its combat against the Palestinian Hamas movement in Gaza, stirs the fears of the international community, on alert since the barrage of missiles and drones launched by Iran over the weekend.
Tehran claimed it launched the attack in response to a bombing of its consulate in Damascus on April 1, an attack that was attributed to Israel.
Iran considers that with the weekend operation the matter is “settled” and warned against any “reckless behavior” that could trigger a “much stronger” reaction.
“Geopolitics played a role, but it is not the only element,” insisted Patrick O’Hare. “There are also technical issues,” he added.
HE S&P 500 fell below its 50-day averagea higher technical level that causes a wave of sales.
Additionally, “the idea is circulating that the market is ready to contract,” according to O’Hare. “It is not a correction, rather a consolidation, an orderly retraction,” she said.
Among the values of the day, the Technology giants were the hardest hit by this sales push. Meta (-2.28%), Broadcom (-2.48%) or Nvidia (-2.48%) had clear falls.
Tesla skidded (-5.59%) after several media outlets cited an internal email sent by its founder Elon Musk to employees announcing the dismissal of more than 10% of the company’s staff, more than 14,000 people. The group is going through a difficult period due to competition from Chinese manufacturers with low-priced vehicles.
On the day of the start of the first criminal trial against former president (2017-2021) Donald Trump, his company Trump Media and technology Group (TMTG) continued to fall, this time 18.35%. The firm’s shares have lost about 60% from their March 26 peak.
2024-04-19 19:09:39