S&P 500 Holds Near Record Highs; Chip Stocks Provide Support
US stock markets saw limited movement during Friday's trading (August 14) after hitting record highs in the previous session. The S&P 500 held near peak levels, while the Nasdaq 100 and Dow Jones remained relatively flat as investors weighed optimism surrounding technology stocks against macroeconomic risks.
In early trading, the S&P 500 edged slightly above the flatline at 7,801.37, the Nasdaq Composite rose 0.2% to 26,845.97, and the Dow Jones Industrial Average fell 0.2% to 53,732.86. Market sentiment continued to be bolstered by gains in chip stocks and companies linked to artificial intelligence (AI) infrastructure.
SanDisk shares rose more than 5% following a 14% surge in the previous session, while Micron gained 4% on the back of positive recommendations from analysts and brokers. Expectations of heavy spending by hyperscalers also continued to support AI-related stocks, particularly after reports that OpenAI and Anthropic are targeting IPOs this year, with Anthropic also moving to acquire Decart.
However, pressure persisted for some technology stocks. Cisco Systems weakened after its strong earnings report was deemed insufficient to meet lofty market expectations. Applied Materials also fell 5%—despite beating estimates—as investor expectations for AI-related stocks were already extremely high.
Regarding market impact, Wall Street is likely to remain cautious after US retail sales data showed a 0.6% decline in July, far weaker than the expected 0.1% rise. While the data could dampen the likelihood of a Federal Reserve interest rate hike, inflation risks stemming from oil prices remain a concern due to the unresolved conflict involving Iran and disruptions in the Strait of Hormuz. Brent crude hovered around US$86.73 per barrel and WTI around US$81.08, with both benchmarks up approximately 5% for the week. (asd)
Source: Newsmaker.id
