U.S. Stock Movement | Nasdaq falls over 1%, star tech stocks broadly decline, Oracle drops over 6%
On Thursday, U.S. stocks opened lower, with the Nasdaq down more than 1%, and star tech stocks broadly declined, with Oracle falling over 6%. Micron, Tesla, Taiwan Semiconductor, Broadcom, and others all dropped more than 3%. The U.S. Congress is at an impasse over the federal government funding allocation plan, increasing the risk of partial government shutdowns, which may affect financial regulation and the release of economic data. Federal Reserve Chairman Jerome Powell pointed out that the economy faces "stagflation-like" challenges, and stock market valuations are relatively high
According to Zhitong Finance APP, on Thursday, U.S. stocks opened lower, with the Nasdaq down over 1%. Star tech stocks fell broadly, with Oracle (ORCL.US) down over 6%, Micron (MU.US), Tesla (TSLA.US), Taiwan Semiconductor (TSM.US), and Broadcom (AVGO.US) down over 3%, and NVIDIA (NVDA.US) down over 1%. On the news front, as the U.S. Congress Democrats and Republicans remain deadlocked over the federal government's subsequent funding allocation plan, the risk of a partial government shutdown starting next week is continuing to rise. If the government shuts down, it could impact the market by restricting the operations of financial regulatory agencies and delaying the release of key economic data. Nomura Securities analysts pointed out in a report this week that if the shutdown lasts for a long time, it could lead to delays or even cancellations of the release of key data needed for investors to assess macroeconomic trends, such as monthly employment reports and inflation data.
Additionally, on Tuesday, Federal Reserve Chairman Jerome Powell stated that the U.S. economy is facing "stagflation-like" challenges, with noticeable weakness in economic growth and the job market, while inflation remains high. This "dilemma" puts monetary policymakers in a difficult position. When discussing the financial markets, Powell noted that the Federal Reserve would pay attention to overall financial conditions and pointed out that "from multiple metrics, U.S. stock market valuations are relatively high."
