The beginning of the day did not herald such a drastic scenario. The main US indices opened in positive territory, but over the hours investors' optimism evaporated, giving way to a sharp depreciation.
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The technology index suffered the most The Nasdaq Composite, which dropped about 3%. The weakness of tech giants also hit the S&P 500 index, losing about 1.8%.
He was relatively the best at it Dow Jones Industrial Average, although it also recorded a decline of 0.8%.
The SpaceX effect and the crash on the microprocessor market
As the American newspaper “The Wall Street Journal” points out, market analysts point to an interesting reason for the sudden reshuffle in investors' portfolios. It's about Elon Musk's space empire.
SpaceX is expected to go public later this week, and the prospect of another company valued at more than a trillion dollars appearing on the market may force stock market players to reposition themselves at the expense of other big technology brands.
However, the semiconductor industry took the biggest hit. The same companies that have so far pushed stock indices to historic highs are now recording massive losses. This reawakened experts' concerns that the current boom was based on too narrow a group of companies.
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The PHLX Semiconductor Index dropped by as much as 7%. Among individual companies, Marvell Technology experienced a real decline, with its shares falling by 14 percent, and Micron, with a loss of 8 percent. The main pillars of the market, such as Apple, Broadcom, Intel and AMD, fell by 3%. or more.
Cheaper oil after Donald Trump's declarations
Parallel to the events on Wall Street, a significant weakening was visible in the commodity market. Oil prices fell by over 4%. A barrel of Brent crude oil cost approximately USD 90, while American crude oil (WTI) fell below the USD 87 mark.
These declines are a direct response to the de-escalation of the conflict in the Middle East. On Monday, Iran and Israel announced a halt to exchanges of fire. The same evening, the president of the United States Donald Trump delivered optimistic news to reporters, saying the two sides were “very close to making a good, strong, powerful deal.”
