Technology Companies Struggle as Stock Market Declines
Technology companies, once leading in growth, are now struggling with losses in the stock market. Both the S&P 500 and Nasdaq closed in the red on Thursday, July 25th, after a failed attempt to recover by major technology companies. The two indexes failed to bounce back from their worst day in the last two years, caused by massive sell-offs on Wednesday, according to CNBC. Analysts are commenting to the media that the situation is turning and technology companies are facing challenges.
Artificial Intelligence Market Trends
In recent years, the field of artificial intelligence has experienced rapid growth, but recently, there has been a decline in progress.
Stock Market Performance
Early on, both indexes were advancing, but they failed to sustain their growth. The Dow Jones index, on the other hand, saw an increase of 0.2% to 39,935.07 points. This was supported by stronger-than-expected growth in the US economy in the second quarter.
The S&P 500 closed at 5,399.22 points, a decrease of 0.51%. The Nasdaq also experienced a decline of 0.93% to 17,181.72 points.
Among the big losers today (July 25) is Alphabet, the company that… (continue with your own unique content).
Impact of US GDP Growth on Oil Prices
The recent unexpected increase in the US Gross Domestic Product (GDP) during the second quarter has had a significant impact on the oil markets. With the American economy expanding by 2.8% annually, surpassing market expectations of 2.1%, the price of oil has risen by approximately 0.8%. The American light crude oil (WTI) is now trading at $78.28 per barrel.
Meanwhile, the European benchmark “Brent” crude oil, which influences many energy contracts, closed at $82.37 per barrel. This rise in oil prices is attributed to the positive GDP growth data from the US, which has influenced trading on the oil markets.
Foreign Exchange Market Update
In today’s foreign exchange markets, the value of the Euro has reached $1.0845 per unit, while the British Pound is trading at $1.2849.
Gold Prices Hit Two-Week Low
The price of gold has dropped to its lowest level in the past two weeks, trading at 2360.90 points, down nearly 2.3%.
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