Stock market today: Stocks retreat from records as Nvidia, ASML lead chipmakers lower

Published On Oct 15, 2024, 11:20 AM

US stocks dipped following disappointing earnings from semiconductor supplier ASML, which unexpectedly reported a bleak sales outlook for 2025, leading to a 15% drop in its shares. This decline affected chipmaker stocks, with Nvidia and AMD witnessing nearly 4% decreases. The broader market also felt the impact, with the S&P 500 and Nasdaq Composite dropping as well. Despite this, banks like Goldman Sachs reported significant profit increases, enhancing optimism for future earnings. Additionally, oil prices fell over 4%, attributed to easing geopolitical tensions in the Middle East and an oversupply forecast from the IEA. Walgreens saw a notable 10% rise in stock prices after announcing plans to close 1,200 stores to stabilize operations. Lastly, Boeing raised cash through potential stock offerings and received favorable credit agreements amid operational challenges and labor strikes.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

ASML's earnings disappointment raises concerns about the semiconductor market, possibly leading to a short-term negative trend for related stocks. The wider impact of geopolitical factors on oil pricing and the healthcare sector presents opportunities for investors to adjust their portfolios accordingly. With earnings reports expected from major companies, sector rotations may occur based on performance.

AAPLView AAPL chart on TradingView

Positive

Apple's stock could face upward momentum due to strong iPhone shipment data and positive analyst forecasts ahead of its earnings report. The company’s consistent growth in market valuation suggests potential for investors to capitalize on this strength moving forward.

BAView BA chart on TradingView

Negative

Boeing's recent strategic move to raise funds indicates a response to its operational challenges but carries risks due to its economic outlook and potential credit downgrades. Investors may want to be cautious as the company navigates these obstacles.

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