US stocks close lower as Dow falls 1.23%
Energy shares hit a record while chip stocks regain some ground after Thursday’s selloff. Major technology companies are due to report earnings the following week.
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Energy shares hit a record while chip stocks regain some ground after Thursday’s selloff. Major technology companies are due to report earnings the following week.
US stocks closed lower on 23 October, with the Dow Jones Industrial Average falling 1.23% even as technology shares mostly steadied. Germany’s DAX, France’s CAC 40 and the UK’s FTSE also finished lower, while Russia’s RTS rose.
The session followed the largest daily percentage decline in semiconductor shares since June on 22 October. CNA’s 23 October market report linked that selloff to renewed concerns about investments tied to artificial intelligence (AI) after a report from Meta Platforms.
| Index | Closing level | Daily change | Weekly change |
|---|---|---|---|
| Dow Jones Industrial Average | 52,215.16 | −1.23% | +0.4% |
| S&P 500 | 7,623.68 | −0.52% | −0.5% |
| Nasdaq Composite | 25,955.34 | −0.21% | −0.7% |
Despite the daily decline, the Dow recorded its third consecutive weekly gain. The S&P 500 and Nasdaq both finished the week lower.
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Armenpress reported the following closing levels and daily changes for 23 October. Germany’s DAX had the largest percentage decline among the three western European benchmarks listed, while Russia’s RTS gained 2.05%.
| Country and index | Closing level | Daily change |
|---|---|---|
| Germany — DAX | 25,181.65 | −0.75% |
| France — CAC 40 | 7,782.82 | −0.36% |
| UK — FTSE | 10,690.36 | −0.32% |
| Russia — RTS | 965.88 | +2.05% |
A semiconductor index and the S&P 500 technology index each rose 0.4% on 23 October. Art Hogan, chief market strategist at B. Riley Wealth, said some anxiety about AI-related investments remained after Meta’s report.
The S&P 500 energy sector gained 2.5% and reached a record high. CNA reported that Houthi attacks in Saudi Arabia heightened fears of further disruption to Middle Eastern energy supplies, while Brent crude reached its highest level in nearly six months.
The US 10-year Treasury yield rose 3.7 basis points to 4.99%, following its biggest one-day decline in nearly four years on 22 October. A yield is the return implied by a bond’s market price; one basis point is one-hundredth of a percentage point.
French government-bond yields fell 5 basis points to 5.04% on 23 October but rose nearly 27 basis points over the week. That was the largest weekly increase among major euro-zone countries and France’s largest since late May. The week’s selloff pushed France’s debt risk premium—the extra yield investors demand to hold its debt—to its highest level since the euro-zone sovereign-debt crisis in 2011.
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